Trump Media Shares Surge Ahead of Election Day

Nov 11, 2024

1 min read

Updated November 11, 2024

Source: Rick Bowmer, Associated Press (AP)

Key Takeaways

Shares of Truth Social’s parent company surged nearly 20% early Monday afternoon as the presidential election draws closer.
The stock’s rally to around $46 extends a recovery from September lows of under $12.
Trump Media has become a meme stock, attracting investors speculating on election outcomes.

As Election Day approaches, shares of Trump Media & Technology Group (TMTG), the parent company of Truth Social, saw a substantial boost on Monday. Majority-owned by former President Donald Trump, TMTG’s stock surged 18%, climbing to just above $46—its highest level since June. This rise continues a strong recovery from its September low of under $12.

Trump Media & Technology Group Corp. (TMTG) stocks view October 2024

Source: TradingView.com

Trump Media has captured the attention of retail investors and meme stock enthusiasts. Many see it as a way to bet on Trump’s chances of defeating Vice President Kamala Harris, the Democratic nominee. Although still below its peak of nearly $80, which it reached following its merger with a blank check company earlier this year, the stock has reversed a steady decline since May.

The recent uptrend was partly fueled by the expiration of lock-up agreements that had restricted Trump and other major investors from selling shares. The expiration did not create new selling pressure, which helped sustain the stock's rebound.

Looking ahead, some investors are also focused on Trump Media’s next quarterly report. In August, the company reported second-quarter revenue of $837,000 and a net loss of $16.4 million, figures investors may keep in mind as Election Day nears.

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