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Economy

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mahatmakanejeeves

(63,077 posts)
Mon Oct 14, 2024, 07:07 PM Oct 2024

Trump's social media stock is making an epic comeback as election nears [View all]

Business / Investing
Trump’s social media stock is making an epic comeback as election nears

By Matt Egan, CNN
3 minute read
Updated 4:10 PM EDT, Mon October 14, 2024


Trump Media & Technology Group has become a way for traders to bet on whether or not former President Trump will be back in the White House.

New York (CNN) — Former President Donald Trump’s social media company is on fire on Wall Street. It’s all about Trump’s perceived chances of retaking the White House. … Up until very recently, Trump Media & Technology Group had been in meltdown mode. Its share price dropped to a record low of $12.15 on September 23, marking a stunning 82% crash from its high.

But the owner of Truth Social is enjoying a massive rebound of nearly 150% in the three weeks since, more than doubling its share price. It spiked nearly 50% last week alone and surged another 18% Monday. … It’s a remarkable turnaround, even for a notoriously-volatile stock that has been described as a meme stock on steroids.

Trump Media did not announce a sudden revenue stream or a flashy new product that could explain the move. It didn’t land an endorsement from Wall Street analysts or a major shareholder.

Instead, the turnaround has been fueled by the perceived odds of Trump winning in November. Trump Media has long served as a way for traders to bet on the election.

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