Trump’s social media stock spikes as America goes to the polls
CNN
Former President Donald Trump’s social media company is surging on Election Day as it faces a potential make-or-break moment that will be decided by voters.
Former President Donald Trump’s social media company is surging on Election Day as it faces a potential make-or-break moment that will be decided by voters. Shares of Truth Social owner Trump Media & Technology Group spiked 13% on Tuesday morning. The rally builds on a gain of 12% Monday and represents a rebound from three days of steep losses last week. Traders have been betting for months that a Trump victory could enhance the value of Truth Social — though justifying its current price tag would be very difficult even if Trump is back in the White House. Trump Media is losing money and generates very little revenue. Its main product, conservative social network Truth Social, remains tiny. Yet Trump Media has morphed into a multi-billion-dollar meme stock and a favorite way for traders to bet on how this election cliffhanger will end, inflating the net worth of its biggest shareholder along the way. Some other elements of the so-called Trump Trade increased on Tuesday as well. Big bank stocks and bitcoin rallied. So did private prison companies Geo Group and CoreCivic. Prediction markets have shifted in Trump’s direction, too.
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