Trump Media Stock Soars 280% After MSG Rally, Matching X's Valuation Ahead of Election

Oct 28, 2024, 04:03 PM

Trump Media & Technology Group (TMTG), the operator of Truth Social, has seen its stock price surge up to 280% ahead of the November 5 presidential election. The stock, trading under the ticker $DJT, has reached its highest level since July. The company's market capitalization has climbed to approximately $9.2 billion, nearly matching the estimated $9.4 billion valuation of Elon Musk's X, formerly known as Twitter. TMTG has become the best-performing stock over the past month among companies with market capitalizations above $1 billion, with no other stock coming close in performance. The surge in TMTG's stock price is attributed to increased investor optimism as betting odds favor Donald Trump's bid for the White House. Additionally, Trump's recent rally at Madison Square Garden has been linked to the stock's upward momentum, and his net worth is estimated to have increased by about $3.7 billion this month due to the stock's rise.