Trump Media & Know-how Group, the social media enterprise owned by former president Donald Trump, surged on Friday after Trump mentioned he has “completely no intention of promoting” his stake within the Fact Social proprietor. 

Shares of the inventory, which trades below the ticker DJT — the identical as Trump’s initials — soared $1.89, or 12%, to $17.97 on Friday. The surge helped the inventory rebound from a document low on September 11, the day following his debate with Vice President Kamala Harris, with traders showing to downgrade his possibilities of profitable the U.S. presidential election.

Trump Media & Know-how Group had already suffered from a months-long hunch, which lopped billions kind its valuation and shaved about $4 billion from Trump’s private holdings within the firm. Trump Media’s shares have been below stress as a result of September 19 expiration of a so-called lock-up provision, which thus far has restricted Trump and different firm insiders from promoting their shares. 

As a result of Trump owns 60% of the corporate’s inventory, promoting even a portion of his stake might flood the market with accessible shares, doubtlessly decreasing its worth. At a press convention on Friday, Trump pointed to the lock-up’s expiration as the explanation for his inventory’s slide. 

“Lots of people suppose the explanation it is down is lots of people suppose I’ll promote, and if I promote, it isn’t going to be the identical,” Trump mentioned. “However I’ve completely no intention of promoting.”

Lock-ups are a standard restriction on Wall Road, designed to ban main traders from dumping their shares in an organization quickly after the corporate goes public. That is as a result of giant inventory gross sales by insiders could cause an organization’s shares to tank. 

Even with Friday’s bump, Trump Media & Know-how Group’s share worth remains to be 77% decrease than its March peak of $79.38.