By Saqib Iqbal Ahmed
NEW YORK (Reuters) - Possible confusion over the new stock symbol for former President Donald Trump's Truth Social saw some investor brokerage balances briefly jump by hundreds of thousands of dollars on Tuesday, the first day Trump's "DJT" ticker traded.
Several people complained on social media about briefly seeing the value of their DJT stock holdings on Charles Schwab (NYSE:SCHW) platforms inflated to figures more in line with what they would be worth if the shares traded at the level of the Dow Jones Transportation Average.
Some users said they faced a similar issue in pre-market hours on Morgan Stanley's E*Trade trading platform.
Shares of Trump Media & Technology Group opened Tuesday at $70.90, while the Dow Jones Transportation Average started the session at 15,937.73 points.
For one trader, the Schwab brokerage balance jumped by more than $1 million due to the error, according to a screen grab shared on social media platform X. Reuters was unable to contact the trader or independently verify the brokerage balance.
"It sure was nice seeing millions in the account, even if it wasn’t real," another person, going by the username @DanielBenjamin8, who faced the issue in his E*Trade account, posted on X.
Two X users and one on Reddit surmised that the inflated balances were due to the ticker symbol for the company being nearly identical to the index.
A spokeswoman for Charles Schwab said that certain users on some of Schwab's trading platforms saw their brokerage balances briefly inflated due to a technical issue.
The issue has been resolved and investors are able to trade equities and options on Schwab platforms, she said. Schwab declined to describe the exact cause of the issue.
E*Trade did not immediately respond to a request for comment outside of regular business hours.
Trump Media & Technology Group and S&P Dow Jones Indices, which maintains the Dow Jones Transportation Average Index, did not immediately comment on the issue.
While social media users said the issue appeared to have been resolved, many rued not being able to cash out their supposed gains from the error.
"I better go tell my boss that I'm actually not retiring," the trader whose account balance had briefly jump by more than $1 million, wrote on X.