On October 14, shares of the Trump Media and Technology Group (DJT) experienced a significant surge, gaining over 18% and reaching $29.95 at the time of writing. This rise follows a pre-existing rally coinciding with Donald Trump's recent campaign event in Pennsylvania.
DJT stocks, which entered the market as a meme stock in March, are heavily influenced by Trump's political fortunes, particularly ahead of the November elections. While prediction sites such as Polymarket and Kalshi suggest Trump is in a favourable position, others like FiveThirtyEight and RealClearPolitics indicate Kamala Harris is leading.
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According to Forbes, the increase in DJT stock price has enhanced Donald Trump's net worth by approximately $530 million. As the majority shareholder, owning 57% of Trump Media, he is currently ranked as the 603rd wealthiest person globally, with a net worth estimated at $5.5 billion.
Despite the current upswing, DJT stock has faced a tumultuous Q3, marked by significant lows and losses. Earlier, in Q2, DJT dropped to a four-month low, diminishing Trump's net worth by $170 million. Factors contributing to recent gains include the launch of the Truth+ TV streaming service, which will be available on Android and iOS platforms. Following a failed assassination attempt on Trump in July, DJT stock spiked by approximately 50%, with Truth Social also rising by 41%.
Terry Haines, founder of Pangaea, noted that while the assassination attempt significantly impacted stock prices, he believes the effect on Trump’s candidacy will be temporary. He remarked, “The logic of this doesn’t match up. … It’s a terrible event but that does not mean voters are going to be much more likely to [vote for him].”
Earlier this year, DJT stocks faced volatility after the expiration of a lock-up period in September, allowing stakeholders to trade shares. Despite this, Trump has indicated he does not plan to sell his shares, viewing DJT as a platform for his messaging.
Elon Musk's recent appearance at a rally has also contributed to the rising stock prices. His enthusiastic endorsement of Trump resonated with attendees, reinforcing confidence in the former president. Musk has been vocal about his support for Trump and indicated that he would consider contributing to Trump's administration if he wins the election.
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