WASHINGTON (Reuters) - Shares of Trump Media & Technology Group rose on Friday after U.S. President-elect Donald Trump said he had no intention of selling his shares in the company, which owns his Truth Social media platform.

In a post on Truth Social, Trump rejected what he described as rumors that he was planning to sell shares.

"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," Trump wrote.

"THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!," Trump added.

Shares of the company were up about 8.7% at $30.15 in midmorning trade on the Nasdaq after earlier rising 12.5%.

On Thursday, shares in the company slumped as speculative bets on Trump winning a second term lost steam a day after his victory over Democrat Kamala Harris.