DJT: Trump Media stock surged 21% after Trump rally in New York

Trump media stock jumped over 21% on Monday, following the Republican presidential nominee’s campaign rally in New York City.

Key takeouts:

1. Shares of Donald Trump’s social media company surged by 21% following the Republican presidential nominee’s campaign rally in New York City.
2. The DJT stock exceeded its mid-summer peak, which had followed an assassination attempt on Trump during a rally in Pennsylvania.
3. These recent gains for Trump Media align with a favorable shift for the Republican candidate on political betting platforms like Polymarket and Kalshi, despite polls indicating a tightly contested race.

Trump Media stock closed $47.36 per share

Trump Media’s stock closed at $47.36 per share, surpassing its recent mid-July peak when the company’s market value surged following an assassination attempt on Trump during a rally in Pennsylvania.

This spike was followed by a significant sell-off, with the stock dipping below $12 a share in late September. However, the operator of Truth Social rebounded in October as the election campaign between Trump and Democratic nominee Vice President Kamala Harris entered its final weeks.

Trump holds nearly 57% of Trump Media, and at Monday's intraday high, that stake was valued at approximately $5.4 billion—over half of his reported net worth, according to Forbes.

Since Trump Media’s late-September lows, the value of his majority stake has risen by about $4 billion. During this period, the company launched a new streaming app, Truth+, and announced the resignation of its chief operating officer.

Trump’s Truth Social is worth almost as much as Elon Musk’s X
Trump Media & Technology Group, the operator of the Truth Social network, has experienced a significant stock surge in the weeks leading up to the Nov. 5 presidential election, now valued at more than Elon Musk's X, formerly known as Twitter.

On Monday, shares of TMTG, trading under the symbol “DJT,” rose 21.6% to close at $47.36 per share. This latest jump followed Trump’s rally at Madison Square Garden in New York City on Sunday. Despite reporting total revenue of $1.6 million for the first half of 2024 alongside substantial losses, TMTG now has a market capitalization of approximately $9.48 billion.

Trump beneficially owns 56.6% of TMTG’s outstanding shares, placing the current value of his stake at over $5.3 billion.

Industry analysts suggest that the rise in TMTG’s stock price reflects increasing investor optimism about Trump’s chances in the 2024 presidential election against VP Kamala Harris. Gene Munster, managing partner at venture-capital firm Deepwater Asset Management, commented to CNN in an article published Monday, “I’ve never seen anything quite like this. The company’s value is almost entirely tied to the outcome of an election.”

Trump’s estimated net worth is up $459 million

Trump's estimated net worth has risen by $459 million, a 7.5% increase, bringing his total to $6.6 billion.

This boost aligns with a strong trading day for Trump Media, which closed up over 11% at $38.95. The reasons behind the recent surge in Trump Media shares, which have jumped more than 30% in the last five trading days, remain unclear. However, these gains coincide with the former president's rising odds in the 2024 election, where he has overtaken Vice President Kamala Harris as the frontrunner.

Since mid-September, Trump’s net worth has increased by more than $2.5 billion, recovering from a decline that mirrored Trump Media’s stock performance.