Trump Media Rises 12%+, Pushing Recent Rally to More Than 100% Since April 16

DJT closed at $46.69, up 12.4% on the day and 107.1% since the stock hit a $22.55 near-term intraday bottom on April 16.

Shares moved on little major news except Trump Media issuing a news release that included a form letter investors can send their brokerage firms to prevent companies from loaning out customers' DJT shares for shorting.

Trump Media has recently been one of the market's most heavily shorted names.

In short selling, an investor who thinks a stock is set to fall will borrow shares from a broker and immediately sell them for cash, then repay the shares at a later date. If the stock falls in the interim, the short-seller will turn a profit.

However, investors who are betting the stock will go up in value can lose money -- at least on paper -- because a large amount of shorting can in and of itself drive share prices price down.

Trump Media said in Monday's statement that "many … retail shareholders invested in DJT because they support TMTG's mission to create a free-speech beachhead against Big Tech censorship" and thus don't want their shares sold short.