Time: 2024-07-18
Trump Media & Technology Group 's stock price surged 32 % in Monday trading , reaching 0.87 , as Wall Street reassessed the chances of former President Donald Trump 's reelection following a failed assassination attempt on Saturday . The company , which owns the Truth Social platform , experienced a significant increase after a six - week decline in its shares due to volatile trading patterns since going public in March . Trump Media , with the ticker symbol " DJT , " has been considered a meme stock , driven by social media enthusiasm rather than traditional business fundamentals like profit and revenue growth.
The failed assassination attempt on Saturday could potentially boost Trump 's odds in the upcoming November presidential election , according to experts . The Economist 's prediction model now gives Trump a 3 in 4 chance of winning , following recent events such as Joe Biden 's poor debate performance and the attempted attack on Donald Trump . Louis Vincent Gave , CEO of investment research firm Gavekal , suggested that these recent events could ensure a strong Republican performance in the U.S. elections.
Monday morning 's surge in Trump Media 's shares added approximately .9 billion to its market value , increasing its capitalization to .8 billion . This surge also significantly boosted Trump 's wealth , as he is the company 's largest shareholder with 114 million shares . His stake in the company now stands at .7 billion , making Trump Media 's market capitalization comparable to that of established businesses like U.S. Steel.
Despite the relatively low revenue of 70,500 in the first quarter , Trump Media has attracted small investors who show their support for the former president by purchasing its shares . Some observers believe that the company 's stock price reflects the sentiment surrounding Trump 's reelection prospects . On Truth Social , members of a group discussing DJT shares speculated that the stock could continue to rise , potentially causing a short squeeze for investors who have bet against the stock.
Members of the group on Truth Social expressed optimism about the future performance of DJT shares , urging fellow investors not to sell yet and labeling ownership of DJT as a sign of patriotism . The stock 's sudden surge following the failed assassination attempt has generated excitement and speculation among investors , with some anticipating further gains in the coming days . As the Stock market continues to react to political events , the influence of social media and online communities on stock prices is becoming increasingly evident.
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