Trump Media & Technology Group (DJT) has recently experienced a surge in stock value, climbing by an impressive 18% on Tuesday, marking its longest streak of gains since June. Prior to this, shares had already risen over 10% the previous day, reflecting a growing confidence among investors.
This uptick coincides with the recent media blitz by current Vice President Kamala Harris, the Democratic nominee. Additionally, a surprising appearance by tech giant Elon Musk at a Donald Trump rally in Butler, Pennsylvania, further spurred interest. This rally took place at the same venue where Trump experienced a previous assassination attempt back in July.
Musk, the CEO of both Tesla and SpaceX, has openly expressed his support for Trump as the 2024 election approaches. At the rally, he declared that Trump represents the only candidate capable of “preserving democracy in America,” emphasizing that this election may be a pivotal moment for the nation.
The political landscape remains contentious, with Trump locked in a competitive race against Harris, who has ramped up her media engagements to consolidate her position in the polls. Harris made headlines with her recent guest appearance on the popular podcast “Call Her Daddy,” targeting a younger demographic, and participated in a hard-hitting interview on CBS’s “60 Minutes,” where she defended her plans regarding the economy and immigration despite being challenged on funding sources.
In contrast, Trump withdrew from an anticipated interview with CBS, which could have clarified his own candidacy’s viability. This adds another layer of uncertainty to the election dynamics, particularly as the former president’s media presence is contrasted with the aggressive outreach of his opponent.
Currently trading around $22 per share, Trump Media possesses a market capitalization of approximately $4.4 billion, giving Trump a stake worth approximately $2.6 billion, reflecting a drop from the peak valuation post-IPO. After going public in late March via a merger with Digital World Acquisition Corp, DJT has experienced significant fluctuations, closely aligned with the prevailing news cycle.
In addition, the stock had seen lower levels following the expiration of an initial lockup period that restricted early investors from selling their shares for six months. Despite the challenges, Trump has assured investors of his commitment to the company, asserting, “I have absolutely no intention of selling. I love it.”
This rollercoaster ride for Trump Media’s shares has been compounded by Trump’s legal challenges. A guilty verdict earlier this year on multiple counts related to business record falsification affected stock performance, leading to notable dips right after the news broke. Yet, as the election looms, the company’s fortunes could pivot dramatically, depending on the political climate and forthcoming campaign strategies.
As the public watches the interplay between politics and media, the relationship that Musk shares with Trump highlights a growing synergy between business leaders and political figures, as they navigate their interconnected interests in a landscape dominated by volatility.
With the election steadily approaching, both candidates are keenly aware that public perception can shift rapidly, making their media strategies critical as they seek to secure votes. The evolving situation will likely continue to draw significant attention, not just for the candidates themselves but also for how it impacts the stock market and investor confidence in the lead-up to the pivotal November election.