Shares of Trump Media & Technology Group (DJT) extended their huge rally on Monday, rising as much as 9% as investors bet on former President Donald Trump’s better odds of winning the November election.
Over the weekend, both domestic and foreign betting markets tilted in favor of a Trump victory, with prediction sites such as Polymarket, PredictIt and Kalshi showing Trump’s presidential chances ahead of those of the Democratic candidate and incumbent Vice President Kamala Harris.
Separately, DJT on Monday announced the web launch of its Truth+ TV streaming service. The app is currently available to access on Android devices and will soon be released as a native Apple iOS app.
DJT shares traded at their lowest level since the company’s debut following the expiration of the company’s much-publicized lockup period last month. The stock has also been under pressure as in previous polls, Harris was slightly ahead of the former president.
Trump’s recent campaign boost follows an appearance by Elon Musk at his rally in Butler, Pennsylvania, earlier this month. It was the same place where the former president survived an assassination attempt in July.
Tech billionaire Musk, who serves as CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has openly expressed his support for Trump ahead of next month’s election. Trump has even said he would consider a Cabinet position for Musk, but that the businessman probably couldn’t serve “with all the things he’s going through.”
At the rally, Musk told the crowd that Trump is the only candidate who can “preserve democracy in America,” adding that this will be “the last election” if Trump doesn’t win.
Meanwhile, Harris has recently embarked on a series of media appearances in which she was pressed on how she would fund some of her proposals around the economy and immigration.
Trump founded Truth Social after he was banned from major social media apps like Facebook (META) and Twitter, now . He officially returned to X in mid-August after a hiatus of about a year.
But as Truth Social tries to take on social media headlines, the company’s fundamentals have long been in question.
In August, DJT reported second-quarter results that revealed a net loss of $16.4 million, about half of which was tied to expenses related to the company’s SPAC deal. The company also reported revenue of just under $837,000 for the quarter ending June 30, a 30% year-over-year drop.
Earlier this month, the company revealed that its chief operating officer had resigned in September.
Trump maintains a roughly 60% stake in DJT. At current levels of around $27 per share, Trump Media has a market capitalization of around $5.5 billion, giving the former president a stake valued at around $3.3 billion. Immediately after the company’s public debut, Trump’s stake was worth just over $4.5 billion.
Trump Media went public on the Nasdaq in late March after merging with special purpose acquisition company Digital World Acquisition Corp. But the stock has had a rocky road since then, with shares swinging between highs and lows, as that the movements have generally been linked to a volatile market. news cycle.
Over the past six months, the stock is down about 15%, a huge improvement following the rally after the stock hit its lowest point last month.
Interested parties, including the former president, were subject to a six-month lock-up period before being able to sell or transfer shares. That lockup period expired on Sept. 19, although Trump said at the time he would not sell his stake.
“I have absolutely no intention of selling,” the former president told reporters at a news conference before the lockup period expired. “I love it. I use it as a method to spread my word.”
Alexandra Canal He is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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