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Trump Media Shares Surge 300%, Exceed Musk's X in Value Ahead of Election

Oct 29, 2024, 02:38 PM

Trump Media & Technology Group (DJT) shares have surged significantly in recent days, reaching their highest levels since May. The stock has rallied more than 300% in October, up 220% in the past month, with a five-week surge adding over $8 billion to the company's market capitalization, now exceeding $10.5 billion. On Monday, DJT shares rose as much as 20% following Donald Trump's rally at Madison Square Garden over the weekend. The stock's performance has been accompanied by high trading volumes, including the trading of 164 million shares worth $8.3 billion on Tuesday. Traders are betting on a potential election victory for Donald Trump in the upcoming November 5 presidential election, now one week away, driving the stock's performance. Trump's net worth has increased by approximately $3.7 billion this month, as he owns 114.75 million shares of DJT. The company's market value has surpassed that of Elon Musk’s X (formerly Twitter), estimated at $9.4 billion, and even The New York Times Company, valued at $9.2 billion. The stock has experienced significant volatility, leading to trading halts multiple times, including five times on Tuesday. Investors are viewing DJT as a proxy for Trump's election prospects, with his re-election odds reportedly rising to around 64%. Trump Media & Technology Group operates the Truth Social service, and the recent surge has raised its market value to over $10 billion ahead of the election.