Trump Media closes up nearly 8%, continuing post-sell-off rally

• Shares of Trump Media & Technology Group closed up nearly 8% on Wednesday, adding to the stock's post-sell-off rally.
• The stock initially sank more than 6% mid-morning but closed up 7.92% at $39.25 per share Wednesday with a market capitalization of nearly $7 billion.
• Trump Media, which trades under the ticker "DJT," plummeted nearly 50% in the three weeks following the felony conviction of former President Donald Trump, Trump Media's majority shareholder.

Shares of Trump Media & Technology Group closed up nearly 8% on Wednesday, adding to the stock's post-sell-off rally.

The stock initially sank more than 6% mid-morning but closed up 7.92% at $39.25 per share on Wednesday.

Trump Media, which trades under the ticker "DJT," plummeted nearly 50% in the three weeks following the felony conviction of former President Donald Trump, Trump Media's majority shareholder.

The sell-off continued last week after the U.S. Securities and Exchange Commission declared the company's registration of additional shares effective, which sent the stock tumbling in after-hours trading on June 18.

Shares of Trump Media closed at $26.75 last Thursday, its lowest level since April, but began rebounding on Friday. By Tuesday, the stock had surged more 36% from Thursday's close, and Wednesday's move brings its recent gains to more than 45%.

The stock is still down 23% from Trump's conviction on May 30.

Trump Media, the parent company of social media platform Truth Social, started publicly trading on March 26 after merging with a special purpose acquisition company. Its wild swings since then — like Wednesday's — have often come without a clear reason.

In its latest earnings report filed in May, the company disclosed a net loss of $327.6 million and