Trump’s social media stock spikes after victory, making him $1 billion richer
CNN
Donald Trump didn’t just win the White House. He also grew more than $1 billion richer Wednesday.
Donald Trump didn’t just win the White House. He also grew more than $1 billion richer Wednesday. Truth Social owner Trump Media & Technology Group, Trump’s social media company, is skyrocketing in value this morning after CNN and other media outlets projected Trump won the election. Trump Media’s stock, which trades under the ticker symbol “DJT,” spiked 35% in premarket trading, implying an astounding market value of about $9 billion. Trump is the dominant shareholder in the conservative social media company, which has scant revenue and is losing money. The president-elect’s 114.75 million shares are worth about $5.3 billion based on premarket trading, up from $3.9 billion when trading ended on Election Day. Of course, those are only paper gains and in practice it would be difficult for Trump to sell much of those shares without tanking the price. For months, Trump Media has served as a proxy for how traders think the election will end.
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