What's Going On With Trump Media & Technology Group Stock On Wednesday?

Benzinga · 10/16 13:57

Trump Media & Technology Group Corp (NASDAQ:DJT) stock rebounded Wednesday after a 10% plunge on Tuesday.

The Donald Trump-backed Truth Social parent gained 57% in the last 30 days as the stock factors in the Republican presidential candidate’s odds of winning the race against incumbent Vice President Kamala Harris.

The race for the White House remains highly competitive and could still swing in any direction.

Also Read: Trump Media Stock Soars After Truth+ Streaming Launch and New Crypto Venture Reveal

Recent polls and betting markets have begun to favor Trump. Matthew Tuttle of Tuttle Capital Management and Jay Ritter of the University of Florida told CNN how the market correlated the stock’s prospects with Trump’s chances of winning the election, akin to a meme stock.

Michael Block of AgentSmyth told CNN how Trump’s rapport with Tesla Inc (NASDAQ:TSLA) chief Elon Musk affected the stock price trajectory.

The Financial Times reports that Musk has contributed nearly $75 million to support Trump’s re-election campaign, marking a significant shift from his previous support for Democrats.

Musk’s political action committee, America PAC, has already spent over $96 million to boost Trump’s campaign. His recent actions reflect growing alignment with Republican ideals and opposition to what he terms “woke” politics.

Since September 23, the value of Trump’s stake in the company has surged by $1.7 billion, reaching $3.4 billion, still down by $2 billion from the highs of late March when the stock peaked at $66.

Trump serves as the company’s face, holding the title of most popular user on Truth Social and commanding 114.75 million shares, making him the largest shareholder.

Meanwhile, Harris is intensifying her media presence, directly appealing to Black voters and other critical groups before her face-off against Trump with only three weeks remaining in the presidential race.

She has appeared on popular platforms like Charlamagne tha God’s radio show. She will soon debut on Fox News with Bret Baier, aiming to engage centrist and anti-Trump Republicans, the Financial Times reports.

This media blitz comes amid concerns from top Democrats about her campaign’s momentum, prompting Harris to focus on undecided voters and emphasize the stark contrasts between her and Trump on issues like democracy and national security.

Price Action: DJT stock is up 4.14% at $28.18 at the last check on Wednesday.

Also Read:

Photo via Shutterstock