Shares of Trump Media & Technology Group Corp (NASDAQ:DJT) experienced a sharp uptick in the past month driven by Donald Trump‘s return to the White House for a second term. The stock has rallied over 26.23% in the last month, as per Benzinga Pro.
What Happened: An investment of $1,000 in DJT in November 2023 would be worth over $2,107 as of Friday’s closing price of about $31.91. That is a cumulative growth of over 110.77% in the last year. DJT’s 26.23% movement is more than what Nvidia has experienced in the last month at 9.52% and it also outpaces the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks S&P 500, over the same period, which grew by 3.21%.
As of Friday’s close, Trump Media’s market cap was $6.38 billion, marking a nearly 24% increase from $5.13 billion on Oct. 11.
The most recent surge of 15.22% occurred on Friday after President-elect Trump said he has no plans to sell his stake in the Truth Social parent. The shares were trading over 7.4% in pre-market on Monday.
Trump denied rumors of a potential share sale in a post on Truth Social, calling them “fake, untrue, and probably illegal,” likely spread by market manipulators or short sellers. He emphasized, “I have no intention of selling.”
Trump holds a 57% stake in Trump Media & Technology Group.
Also Read: Trump Says He Won’t Sell Trump Media Stock
Why It’s Important: On Tuesday, Nov. 5, Trump Media reported a third-quarter net sales decline of 6% to $1.01 million. The company said advertising on the Truth Social platform drove the topline.
The company reported a loss of 10 cents per share compared to a loss of 30 cents per share in last year’s third quarter. Despite recent losses and low revenue, Trump Media’s market cap now exceeds $6.9 billion.
Read Next:
- Trump’s Tariffs, Deportations, And Tax Cuts May Push Prices Higher, Experts Say: ‘It’s Pretty Clear’
Photo courtesy: Shutterstock