Trump's social media stock surges 20 percent as campaign makes late-inning New York stop

Trump's social media stock surges 20 percent as campaign makes late-inning New York stop
Trump Media shares have rallied as political betting markets show higher odds of the Republican candidate's victory on November 5.
OCT 28, 2024

Shares of Trump Media, the company behind the social platform Truth Social, surged by up to 20 percent on Monday in the wake of the Republican candidate's campaign rally at Madison Square Garden in New York City.

Donald Trump's social media stock, trading under the ticker DJT, soared past $46.80 during intraday trading. This marked the highest point since mid-July, when the stock briefly surged following an attempted assassination of Trump during a rally in Pennsylvania.

Monday’s gains pushed the stock up from a late September low of just $12.15 a share, a significant rebound for the company.

Those gains came in the wake of another kind of rally at Madison Square Garden on Sunday, where thousands threw their support behind the former president's bid to return to the White House in the upcoming election against Democratic candidate Kamala Harris.

The sharp increase in stock value also came as political betting markets reflected a shift in Trump's favor, conflicting with broader polling and other surveys that still show a close race. Betting platforms such as Polymarket have seen increased activity, with some traders reportedly making large wagers in favor of Trump. However, critics caution that election betting markets can be subject to manipulation, with Polymarket confirming to CNBC last week that one massive pro-Trump position was put together by a single French national who controlled four separate accounts.

The notoriously volatile Trump Media stock's movements have been linked to Trump’s chances in the election. The company, which has rolled out its Truth+ streaming service and undergone leadership changes, continues to draw retail investor interest, although it generates relatively little revenue.

According to Dow Jones Market Data, the company’s valuation jumped from $6.3 billion to $9.1 billion over the past week, adding an estimated $1.6 billion to Trump’s paper wealth. Trump's 57 percent ownership stake in the company is now worth approximately $5.4 billion, according to Forbes, making up a substantial portion of his net worth and representing a substantial windfall should he decide to cash out.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.