As the 2024 presidential election approaches, Donald Trump’s media company, Trump Media & Technology Group (TMTG), is capturing attention both politically and financially.
Trading under the ticker DJT, which shares the former president’s initials, the company saw its stock surge 18.5% on Monday, October 14. This marks a significant rebound, with shares closing at $29.95, more than doubling since their September low of $11.75.
This recent surge in DJT stock comes amid heightened speculation around Trump’s potential success in the upcoming election, where he faces off against Vice President Kamala Harris. The rise in share price coincides with prediction markets, such as PredictIt and Polymarket, now favoring Trump, further boosting investor confidence.
Although DJT is still trading well below its March peak of $79.38, the stock has gained momentum in recent weeks, largely driven by loyal supporters who view it as more than just an investment but also a political statement. The $DJT group on Truth Social, Trump’s social media platform, has been buzzing with supporters encouraging each other to invest in the company, believing in Trump’s electoral prospects.
The recent jump in DJT stock comes despite the company’s ongoing financial challenges. In the second quarter of 2024, TMTG reported a 30% drop in revenue and a net loss of $16.37 million. However, the company continues to expand its offerings, including launching its Truth+ TV streaming service, now available online.
TMTG’s fortunes appear closely tied to Trump’s political standing. Matthew Tuttle, CEO of Tuttle Capital Management, noted that the stock’s rise is fueled by investor belief that a Trump victory would positively impact DJT’s future. Conversely, if Trump is not elected, analysts warn that the stock could face significant setbacks.
CBS News, Market Watch, and Variety contributed to this report.
