Shares of Trump Media & Technology Group spiked one week before Donald Trump is set to return to the White House for his second term in office.
Trump Media stock surged more than 16% on Monday afternoon, trading at $41.12 per share. That’s among the largest single-day jumps in the company’s share value since Trump won the presidential election.
In the time since Nov. 5, shares of the company — which owns Trump’s right-wing social media platform, Truth Social — have climbed 21%. Despite stocks and cryptocurrencies rallying following Trump’s election victory, Trump Media shares, which had become something of a proxy for Trump’s election odds, had a surprisingly muted response to the election results.
Trump Media shares skyrocketed roughly 180% in the six weeks prior to the election, notching the company’s biggest gains since debuting on the Nasdaq on March 26 following the completion of its merger with Digital World Acquisition Corp. (DWAC) (DWAC), a special purpose acquisition company, or SPAC.
Last month, regulatory filings showed that Trump shifted all 114.75 million of his shares — or around 58% of the company’s outstanding shares — in Trump Media to the Donald J. Trump Revocable Trust.
Following the transaction, Trump does not directly own any shares of Trump Media, making his revocable trust the sole holder of more than 50% of the company’s stock. His eldest son, Donald Trump Jr., is the trustee of the trust and has sole voting and investment power over all securities it owns.
Trump Media has remained in a precarious financial position over the past couple of years. The company reported yet another quarterly loss in its third-quarter earnings last November. In the three months ended Sept. 30, Trump Media lost $19.2 million, with revenue falling 5.6% to just $1.01 million from a year earlier.
For the latest news, Facebook, Twitter and Instagram.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
