Shares of Trump Media & Technology Group (DJT) surged by 4% in premarket trading on Tuesday, following a significant 10% rise on Monday.
The boost came after Elon Musk made a surprise appearance at Donald Trump’s rally in Butler, Pennsylvania, the site where Trump previously survived an assassination attempt in July. Musk, the CEO of Tesla and owner of social media platform X (formerly Twitter), endorsed Trump, stating he is the only candidate capable of preserving democracy in America, fueling excitement ahead of the 2024 election.
Trump holds a 60% stake in DJT, valuing his interest at approximately $2.3 billion, with the company’s current market cap standing at around $3.8 billion.* Since its public debut in March following a merger with Digital World Acquisition Corp., the company has experienced a bumpy ride, with its stock fluctuating based on political developments and news cycles. DJT’s performance has been closely linked to Trump’s political fortunes, including his legal battles and the upcoming presidential race against Kamala Harris.
Despite various setbacks, including a net loss of $16.4 million reported in Q2 and operational challenges like the resignation of its COO, Trump Media remains pivotal for the former president. As the 2024 election approaches, Trump's strong association with the platform, along with Musk's endorsement, could play a critical role in driving its stock performance.
* Past performance is no guarantee of future results
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