Trump Media’s stock has become a sort of Wall Street proxy for Republican presidential nominee Donald Trump
Republican presidential nominee and former President Donald Trump speaks at the Detroit Economic Club in Detroit on Thursday.
Shares of Trump Media & Technology Group Corp. resumed their rally Thursday, climbing more than 17% with less than a month to go until the presidential election.
Trump Media’s stock rose on trading volume of 39.66 million shares, well above its 65-day average of 11.03 million shares. The stock, which ended trading at $24.12, registered its highest close since Aug. 21, when it finished at $24.20, Dow Jones Market Data show.
Shares are also up 46.2% this week, putting them on track for their best weekly performance since they rose 67.7% during the week ended March 28.
DJT has become a sort of Wall Street proxy for former President Donald Trump ahead of the U.S. presidential election on Nov. 5. The shares soared earlier this week, lifted by Tesla Inc. Chief Executive Elon Musk’s appearance alongside Trump at a campaign rally in Butler, Pa., on Saturday. The stock also extended its winning streak to four days, its longest such run since June 26, when it also rose for four straight trading days, according to Dow Jones Market Data.
Short interest as a percentage of Trump Media shares is 15.22%, according to the latest exchange data. DJT shares ended Wednesday’s session down 5.6%, before resuming their rally Thursday.
On Wednesday, Trump vowed to end “double taxation” for Americans living abroad, his latest tax policy of the presidential campaign. On Thursday, Trump Media, the operator of the social-media platform Truth Social, also launched an app for Android mobile devices to access its Truth+ TV streaming platform.
The stock’s movement has sparked plenty of chatter on social media.
“Only news seems to be a new streaming app for Android devices and highly visible support from Elon Musk but still a low subscriber base,” wrote @michaelward_CPA on X, formerly Twitter, on Thursday. “Important to note that buyers of the stock are not likely to be undecided voters signaling a shift in sentiment but instead hard-core Trump partisans speculating on the impact of news.”
“$DJT continues impressive surge since hitting a new low late last month. Up 15% today,” wrote @LaMonicaBuzz on X on Thursday. “Has nearly doubled from the bottom. But still way off post-SPAC completion high earlier this year. Latest catalyst? Company unveiled Truth+ streaming app for Android. iOS version on the way.”
Trump owns a 57% stake in Trump Media, which went public through a merger with special-purpose acquisition company Digital World Acquisition Corp. on March 26.
Shares of Trump Media are up 37.8% in 2024, compared with the S&P 500’s gain of 21.2%.