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.
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