Trump’s stock surges on the last day before the election
CNN
Shares of former President Donald Trump’s social media company roared higher on the final day before the US presidential election.
Shares of former President Donald Trump’s social media company roared higher on the final day before the US presidential election. Trump Media & Technology Group (DJT), the parent company of Truth Social, surged 16% Monday. There was no apparent catalyst for the increase. The stock has been highly volatile since it went public in March: It quadrupled in value over a five-week span before plunging by 41% over the past three trading sessions. Traders have used Trump’s stock as a kind of barometer for the former president’s perceived reelection chances. The company’s shares do not trade on the fundamental health of the company’s business, which is minuscule by comparison with its better-known rivals such as X, TikTok and Instagram. The company is in a cash crunch and said it brought in less than $1 million in revenue in the past quarter. Although polls show the presidential race remains extremely tight, online betting markets in recent weeks have given Trump the edge over Vice President Kamala Harris, and market analysts credit the Trump stock’s increase to the trend in prediction sites. Similarly, when Harris began to make a comeback in online betting markets, Trump’s media stock began to implode. The precipitous decline shaved $2.4 billion off Trump’s net worth between Wednesday and Friday, cutting deeply into the $3.6 billion in gains Trump made during the previous month.
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Shares of former President Donald Trump’s social media company roared higher on the final day before the US presidential election.
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