Trump Media & Technology Group (DJT) Stock Soars as Donald Trump Holds Firm on Shares
Donald Trump’s decision not to sell his shares in Trump Media & Technology Group (DJT) caused a 6% increase in the stock price during early trading on Monday. This growth came after a 15% surge on Friday when Trump announced on his Truth Social account that he maintains about a 60% stake in DJT, the parent company of Truth Social.
At the Monday opening price of approximately $34 per share, Trump Media’s market cap exceeded $7.3 billion, with the former president’s stake valued at over $4.2 billion. The company’s shares have experienced significant fluctuations since Trump’s victory in the presidential election, reaching both highs and lows.
In September, DJT’s stock hit its lowest point since its debut post the expiration of a well-publicized lockup period. However, it rebounded as betting markets, both domestic and international, began to favor a Trump win.
Following his expulsion from mainstream social media platforms like Facebook (META) and Twitter (now known as X) after the January 6, 2021, Capitol riots, Trump established Truth Social. Despite his reinstatement on these platforms, Trump has actively returned to posting on X in mid-August after a year-long hiatus.
As Truth Social challenges established social media players, questions surrounding the company’s foundational strength have persisted. Prior to the election polls closing on Tuesday, DJT released its third-quarter results, reporting a net loss of $19.25 million for the period ending on September 30. While this loss is narrower than the $26.03 million reported in the corresponding quarter of the previous year, the company’s revenue dipped slightly year-over-year to $1.01 million from $1.07 million in Q3 2023. Revenue also experienced a 23% decline over the nine months ending on September 30 compared to the same period the year prior.
As a Senior Reporter at Yahoo Finance, Alexandra Canal provides valuable insights into financial market trends and developments. For more updates on stock market news and in-depth analysis of events impacting stock movements, click here. Stay up-to-date with the latest financial and business news from Yahoo Finance for comprehensive coverage of the market landscape.