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Home»Business»Finance»Trump Media’s stock climbs almost 19% as President Trump continues longest rally since June
Finance

Trump Media’s stock climbs almost 19% as President Trump continues longest rally since June

News RoomBy News RoomOctober 8, 20240 ViewsNo Comments2 Mins Read
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Shares of Trump Media have surged nearly 19% on Tuesday, marking the company’s fourth straight day of gains – the longest positive streak since June. At one point, DJT shares reached $22 in heavy trading, almost 90% higher than its intraday low in September. However, the stock price is still below its peak in March when it hit $79.38 during its Nasdaq debut. The rally has been supported by trading volume, with over 45 million DJT shares exchanged on Tuesday, more than triple its 30-day average.

The recent surge in stock price coincided with Donald Trump’s return to the site where he was nearly assassinated in July, for a presidential campaign rally in Pennsylvania. The rally drew thousands of supporters, including Elon Musk, who endorsed Trump’s candidacy, stating that he “must win to preserve democracy in America.” Despite the positive sentiment from key figures, concerns have been raised about the company’s health following the resignation of its COO in September. Trump Media also saw the departure of its chief product officer and several lower-level employees, raising questions about its internal stability.

In a filing with the SEC, Trump Media disclosed that it is giving nearly 800,000 shares of common stock to ARC Global Investments II, as a result of breaching a stock agreement with the entity. This move followed a significant sell-off of shares by a company controlled by two co-founders of Trump Media, shortly after early investors were allowed to sell their shares. Trump, who owns nearly 57% of Trump Media, has a stake worth almost $2.5 billion as of Tuesday, but has stated that he will not sell his shares despite the company’s financial losses and low revenue.

Kangen Water

Despite its lack of profitability and smaller audience compared to social media giants like X and Facebook, Trump Media boasts a market capitalization of over $4 billion. Some analysts view the company as a way for retail investors to show support for Trump or speculate on his chances of beating Democratic nominee Kamala Harris in the upcoming election. Trump Media’s financial performance, with net losses exceeding $340 million on revenue of less than $2 million, raises concerns about its long-term sustainability and ability to compete in the crowded social media space. The company faces challenges in attracting a larger user base and generating significant revenue in a market dominated by established players.

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