Trump Media shares soared Friday after President-elect Donald Trump reaffirmed he has no plans to sell off his stake in the Truth Social operator, and called on authorities to investigate whoever suggested otherwise.

Trump’s announcement, posted on Truth Social, was his first personally written statement since his stunning victory against Democratic Vice President Kamala Harris in Tuesday’s presidential election.

DJT shares shot up more than 10% immediately following Trump’s post, triggering a temporary trading halt due to volatility.

“There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth,” the Republican said in the post Friday morning.

“THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump said. “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.”

Trump is the majority owner of Trump Media. His stake as of Friday was worth more than $3 billion.

The company on Election Day posted a net loss of $19 million in the last quarter on revenue of just over $1 million. But its stock nevertheless closed higher Wednesday, as Trump’s political triumph buoyed his fans who have bought into the company as a way to support him.

Shares plunged more than 22% on Thursday, undoing some of the company’s gains from a surging rally in the lead-up to the election.

Shares of Trump Media shot up as much as 19% Thursday morning, keeping up the momentum of a rally that has recovered some of the Truth Social operator’s steep losses from a recent weekslong sell-off.

DJT stock was trading around $24 per share shortly after the market open, more than double the $11.75 price it fetched in an intraday trading low, just over two weeks ago.

The surge came amid little positive news about the company, but coincided with some recent presidential election polls and other indicators that allies of former President Donald Trump, its majority shareholder, took as positive signs.

Many analysts have described Trump Media as a meme stock that is being bought and sold in large part by fans of Trump, who view investing in the company as a way to support the Republican presidential nominee and wager on his odds of winning the White House.

“It doesn’t have anything to do with fundamentals,” said Anne Stevenson-Yang, founder and research director of short seller J Capital Research, in an interview with CNBC.

“It’s a bet on Trump, is all,” she said.

The latest jump came during a very heavy trading session, which had already surpassed Trump Media’s 30-day average volume — about 15.1 million shares, according to FactSet — less than an hour after the market opened.

As of 11:30 a.m. ET, more than 27 million Trump Media shares had already changed hands.

The gains put Trump Media on pace for its fifth positive day in six, and its best week since late March, when the company has just started publicly trading after completing a business merger with a blank-check firm.

The recent surge marks the end of a monthslong slide that had erased more than 80% of Trump Media’s value from its postmerger highs.

As of Thursday, the stock price remained far below its intraday peak of $79.38 per share, which it hit during its Nasdaq debut.

This is developing news. Please check back for updates.