Republican presidential candidate and former President Trump holds a rally at Madison Square Garden on Sunday, October 27, 2024 in New York state.
The Washington Post | The Washington Post | Getty Images
shares Donald TrumpShares of the social media company surged 20% on Monday morning following the Republican presidential candidate’s comments on Sunday. campaign rally In New York City.
Trump Media The stock rose to more than $46.80 per share in the first hour of trading, surpassing its recent peak in mid-July, when the company’s market value soared after Trump was nearly assassinated at a rally in Pennsylvania.
A sharp sell-off ensued and bottomed out in late September. DJT Shares fell below $12 per share.
Trump Media (DJT) stock price
But with the election of Trump and Vice President, Truth Social operators have recovered all their losses in October Kamala HarrisThe Democratic nominee is in the final weeks.
During this period, Trump Media launched a standalone streaming app, Truth+, and announced the resignation of its chief operating officer.
But analysts often say Trump Media’s multibillion-dollar market capitalization and volatile stock movements have little to do with the company’s news or the performance of Truth Social, which generates little revenue and attracts a relatively small audience.
Instead, they began to see the stock as a conduit for the company’s many pro-Trump retail investors to support the former president and a proxy for betting on his chances of returning to the White House.
Monday’s stock market surge may be a sign of the enthusiasm these traders are feeling after Trump’s much-hyped rally at Manhattan’s Madison Square Garden drew thousands of supporters to the heart of the deep-blue metropolis.
“Our dear President @realDonaldTrump Had the rally of a lifetime yesterday with MSG and today the whole market is up! $DJT,” a Truth Social user Wrote Monday morning at a Trump Media shareholder group.
The recent rise in Trump media coincides with a shift in Republican favor toward political betting sites like Polymarket and Kalshi, despite polls generally showing a close race.
Odds and gambling platforms do not use the same methods as traditional political polls and therefore are not a replacement for political polls.
Critics fear the election betting market is rigged.
comprehensive market It was confirmed last week that a French national used four separate accounts to build massive pro-Trump positions in his presidential election bets.
This is developing news. Please check back for updates.
