Donald Trump’s social media company is rebounding as the election nears. Share prices of Trump Media and Technology Group have more than doubled in less than 3 weeks. In late September, share prices dropped to a record low of $12.15. The comeback is being fueled by perceived odds of Trump winning in November after some recent polls shifted in his favor.
Trump Media has long served as a way for traders to bet on the election.
The market value of DJT stock has been heavily influenced by the political standing of its largest shareholder, former President Donald Trump, who owns 57% of the company. When Vice President Kamala Harris replaced President Joe Biden as the Democratic presidential nominee, generating renewed voter enthusiasm, the company's stock began to steadily decline.
The stock's downturn worsened as the expiration of lock-up restrictions neared, allowing insiders to sell their shares. Concerns arose that Trump might sell off his shares for a financial gain, but he reportedly stuck to his promise not to do so.
Recently, the stock has seen an uptick, driven by improving betting odds that the Republican candidate could win the November 5 election and Harris’s announcement of an upcoming interview on Fox News. Despite these developments, the core fundamentals of Trump’s media company remain unchanged.
Shares of Trump Media & Technology Group, which owns former President Donald Trump’s social media platform Truth Social, jumped more than 15% on Monday—adding more than $500 million to Trump’s net worth, though the company is still trading well below earlier this year.
On Monday (Oct. 14), TMTG’s stock price closed up 18.5%, to $29.95 per share. That comes after the stock closed at $12.15 per share on Sept. 23 in the wake of the expiration of a six-month lockup period during which TMTG insiders were not allowed to sell their stock. Trump has said he has “absolutely no intention” of selling his shares.
While betting markets have recently leaned in favor of Trump, two prominent national polling averages still show Harris in the lead. According to FiveThirtyEight's national average, Harris holds a 2.4-point advantage over Trump as of Monday, while RealClearPolitics places her 1.7 points ahead. FiveThirtyEight's forecast gives Harris a 53-in-100 chance of winning and Trump a 46-in-100 chance, indicating a nearly even race.
Trump took the lead over Harris in betting odds for the U.S. presidential election for the first time since their Sept. 10 debate, USA Today reported Monday. Per the report, among the gambling site USA Today regularly surveys, Trump’s largest lead is at BetOnline where the line is Trump -140 compared with Harris at +120. (U.S. bookmakers cannot legally take such bets, according to the report.)
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