Trump Social Media Stock Jumps Another 24% After Soaring 16% Yesterday

Tiger Newspress03-27

Trump social media stock DJT gained another 23.6% in morning trading Wednesday after soaring 16.1% on Tuesday.

Shares of Donald Trump's Trump Media & Technology Group surged as much as 59% on Tuesday in their Nasdaq debut, lifted by the former U.S. president's supporters and providing him a potential windfall as he grapples with the costs of several legal cases.

At its session high of $79.38 per share, TMTG's market capitalization crossed $10 billion on an undiluted basis, an astronomical valuation for a company that reported an operating loss of $10.6 million for the first nine months of 2023 on revenue of just $3.4 million.

The stock closed 16% higher at $57.99, valuing the company at nearly $8 billion.

Trump's majority stake in TMTG was last valued at about $6 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.

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Risk appetite satisfied, thanks Trump (not words I would have envisaged myself saying) 🌜🇺🇸📈👍 $Trump Media & Technology(DJT)$

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