Trump Media & Technology Group Corp (NASDAQ: DJT) stock has shown surprising resilience despite escalating unrest on the streets of Los Angeles.
DJT stock opened at $20.35 on Friday, June 6, the day large-scale protests first erupted in LA. That day, the stock closed at $20.78, seemingly unfazed by the initial outbreak of events.
Over the weekend, protests intensified and President Donald Trump responded by ordering 2,000 California National Guard troops into the city, followed by an additional 700 US Marines, a move that prompted California Governor Gavin Newsom to threaten legal action.
Yet, by Monday’s close, DJT had climbed to $21.29, extending gains despite the deepening political standoff. As of Tuesday’s open, the stock was trading at $21.02, down just 0.97% on the day, a modest pullback after the short-term rally.
Since Friday’s open, DJT stock is up $1.08 and over 4%, frustrating short-sellers betting on near-term political volatility to weigh on the price.
More broadly, however, DJT remains deeply in negative territory for the year, down $12.89 (-37.89%) year to date, as the highly speculative stock continues to be whipped around by political headlines.
DJT shares remain volatile
The political environment remains the dominant driver of DJT stock performance. Trump Media, tied so directly to the personal brand and public standing of Donald Trump, is naturally sensitive to dramatic political developments, and the LA protests, combined with Trump’s escalating federal interventions, have added another layer of volatility to the stock.
Notably, short interest in DJT stock remains stubbornly high, with over 55% of volume shorted on June 9 and consistently above 50% for over a week, according to FINRA data.
However, borrow fees, a key indicator of demand to short the stock, have eased from nearly 12% last week to just over 8% on June 10, hinting that some shorts may be covering or that more shares are now available to borrow.
Despite this heavy short positioning, DJT shares are up since the LA protests began keeping short sellers on edge for now.
Featured image via Shutterstock
