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shares Trump Media The stock rose more than 7% on Monday, ending a two-month losing streak before its major shareholder, former President Trump, began selling his shares.
Shortly before 1 p.m. ET, Trump Media shares were trading at $18.39, up 7.59% from Monday morning’s opening price.
Before Monday’s surge, the stock had fallen nearly 45% since its latest high in mid-July following an assassination attempt on Trump at a campaign rally in Pennsylvania.
Shares of Trump Media, which trades under the ticker “DJT,” are down nearly 70% from their all-time high in March, when the company began trading publicly after merging with a special purpose acquisition company.
The stock closed Wednesday below where it was trading at the end of 2023.
Trump Media, the parent company of social media platform Truth Social, saw its stock price rise on Monday without providing an obvious explanation.
but one New Times/Siena Poll Pictures on Sunday showing Trump and Democratic nominee Kamala Harris in a neck-and-neck race for the White House may have contributed to the rise in the stock, which is often used as a proxy for Trump’s chances.
The poll showed Trump leading Harris by 1 percentage point, 48% to 47%, within the margin of error of the survey.
The Republican candidate also took to Truth Social himself on Monday to promote the platform.
Shortly after 10 a.m. ET, Trump posted on the platform, “Social truth is great. The real voice of America!”
Trump owns nearly 59% of Trump Media’s outstanding shares. The value of his holdings has fallen sharply in recent months.
As of 12:45 Monday, the company’s market capitalization was just over $3.6 billion. At its peak, Trump Media was valued at nearly $8 billion.
He and other company executives can begin selling their stakes in the company later this month, but it’s unclear whether the former president will do so.
This is a developing story, please check back for updates.
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