Shares of Trump Media are up more than 12% in afternoon trading

Jonathan Raa | Nurfoto | Getty Images

The share price of Trumpmedia rose more than 12% in afternoon trading on Monday, continuing the stunning rise that began in mid-April.

The DJT ticker rose by more than $5 per share just before 1:00 PM ET.

Trump Media owns the Truth Social app that is often used by the company's majority owner, former President Donald Trump, who is also this year's presumptive Republican presidential nominee.

The company began public trading on March 26 at a price above $70 per share. Over the next few weeks, stock prices fell, ending with a low closing price of $22.80 on April 16.

Read more CNBC political coverage

Since then, Trump Media's shares have more than doubled in price, adding billions of dollars to the company's market cap and the ex-president's stake.

The gains occurred without any significant news of an improvement in operating results.

Earlier Monday, Trump Media released updated information to shareholders, advising them how to prevent their shares from being loaned out for use by short sellers to bet on price declines.

Trump Media has more than $200 million in cash, but its social media business posted $58 million in losses last year on revenue of just $4.1 million.

This is news development. Check back for updates.

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