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Shares of Trump Media & Technology Group, which owns former President Donald Trump’s social media platform Truth Social, soared more than 15% on Monday, even as the president’s net worth increased by more than $500 million. is still trading well below where it was at the beginning of the year.
Former President Donald Trump is now worth about $5.5 billion after Trump Media confirmed Monday that his stock price…(+) rose.
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important facts
Trump Media stock, trading under the ticker $DJT, was up 15.98% at about $30 a share as of 1:48 p.m. EDT Monday, bringing Trump’s net worth to $500 million. contributed to an increase of $31 million.
Mr. Trump owns 57% of Trump Media stock, according to the latest data from FactSet, and was worth $5.5 billion as of 1:48 p.m. EDT Monday, according to Forbes’ real-time tracker. He is now the 603rd richest person in the world.
DJT is often considered a “meme stock,” meaning its price reacts to trends other than earnings, such as Trump’s chances of winning the White House in November, but it hit new lows in late September. It has since risen, but is still trading. This is well below the high of $66 immediately after the stock went public in March.
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Why is Trump Media’s stock price rising?
Many media outlets have reported that this is due to steadily increasing odds of Trump winning the November election. On Friday, Mr. Trump had a 53.2% chance of winning, while Ms. Harris had a 45.8% chance of winning, according to Election Betting Odds Tracker, which combines odds from five major markets. After billionaire Elon Musk appeared at a rally with Trump early last week, the former president’s chances of winning became the highest since Harris took over the Democratic nomination in early August. Ta. Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that the stock price change is “really simple” and that “people are thinking that if Trump wins, this stock could do something.” I’m aware of that,” he said. And if he’s not elected, it’s probably going to be zero. ”
Contra
Although betting markets have favored Trump recently, Harris remains in the lead in two major national polling averages. The FiveThirtyEight national polling average had Harris leading Trump by 2.4 points as of Monday, while the RealClearPolitics polling average had her leading by 1.7 points. FiveThirtyEight currently predicts that Harris has a 53/100 chance of winning, while Trump has a 46/100 chance of winning, suggesting a virtual tie.
What to watch out for
What’s going on with Trump Media’s third quarter financial report? The previous report showed low earnings and losses, and this report is expected to be released in mid-November. Trump Media fell to a four-month low after a weak second-quarter earnings report, reducing Trump’s net worth by about $170 million.
Read more
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