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Shares of Trump Media rose more than 7% on Monday, a respite from two months of declines in the stock. losing streak before the day its major shareholder, former President Donald Trumpcan start selling their shares.
At around 1 p.m. ET, shares of Trump Media were trading at $18.39, up 7.59% from their opening price on Monday morning.
Before Monday’s surge, the stock had fallen nearly 45% since its most recent high, reached in mid-July after Trump assassination attempt at a campaign rally in Pennsylvania.
Trump Media, which trades under the ticker symbol “DJT,” has fallen nearly 70% from its all-time high in March, when Start public trading after merging with a special purpose acquisition company.
Stocks on Wednesday close below where they trade by the end of 2023.
Trump Media — the parent company of social media platform Truth Social — saw its stock price surge on Monday without any clear explanation.
But one New Times/Sienna Poll on Sunday showed Trump and Democratic candidate Kamala Harris equal in the race to win White House may have contributed to the surge in stock prices, which often serve as a gauge of Trump’s odds of winning the election.
The poll shows Trump leading Harris by one percentage point, 48% to 47%, within the survey’s margin of error.
On Monday, the Republican candidate also personally promoted the platform on Truth Social.
“TRUTH SOCIAL IS GREAT. THE REAL VOICE OF AMERICA!” Trump posted on the platform shortly after 10 a.m. ET.
Trump owns nearly 59% of Trump Media’s outstanding shares. The value of his stake has fallen significantly in recent months.
As of 12:45 a.m. Monday, the company’s market capitalization stood at a little over $3.6 billion. At its peak, Trump Media was valued at nearly $8 billion.
He and other company executives can start sell their shares in the company later this month, although it is not known whether the former chairman will do so.
This is a developing story, please check back for updates.
