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shares Trump Media A 19% surge in shares on Tuesday put the Truth Social operator on track for a fourth straight day of gains, its longest winning streak since June.
DJT shares jumped as high as $22 in extremely active trading, nearly 90% higher than the intraday low of $11.75 per share on September 24.
But the company’s shares are still well below their peak in late March, when they hit $79.38 when the company listed on Nasdaq.
DJT stock traded more than 34 million shares as of 2:30 p.m. ET on Tuesday, nearly three times the 30-day average.
The rallies have accelerated since Saturday, when the company’s majority owner, Donald Trump, who was nearly assassinated at a July 13 rally, held a presidential campaign rally near Butler, Pennsylvania.
Trump’s return to the site attracted thousands of supporters, as well as Tesla CEO Elon Musk, who endorsed the Republican nominee’s candidacy minutes after the assassination attempt.
Musk, the billionaire owner of social media site X, told the audience that Trump “must win to preserve American democracy.”
But even though news about Trump’s media might typically raise concerns about the company’s well-being, the stock surged.
On Thursday, the company revealed that its chief operating officer, Andrew Northwall, had resigned at the end of September.
Neither Trump Media nor Northwall disclosed the reason for his resignation, and the company has not announced a successor.
Sandro de Moraes, Trump Media’s chief product officer, has also left the company, according to Trump Media’s Truth social account.
Puplica It was reported last week that in addition to DeMorais, multiple lower-level employees have recently left Trump Media.
Thursday’s filing with the U.S. Securities and Exchange Commission also showed that Trump Media is transferring nearly 800,000 shares of common stock to an entity called ARC Global Investments II, the blank check company that took Trump Media public through the merger. early investors.
Previously, a judge ruled that Trump Media violated its stock agreement with ARC Global.
In late September, a company controlled by two co-founders of Trump Media that held more than 5% of DJT shares sold almost all of its 11 million shares.
The sale comes shortly after early investors in the company, including Trump, were allowed to sell their shares.
Trump owns nearly 57% of Trump Media — a stake worth nearly $2.5 billion as of Tuesday. The former president vowed not to sell his stock.
In its last two quarterly reports, Trump Media reported net losses of more than $340 million on revenue of less than $2 million. Its Truth Social platform attracts only a fraction of the audience of established social media giants like X and Facebook.
Despite its lack of profits, the company has a market capitalization of over $4 billion.
Some analysts see Trump Media as a way for retail investors to support Trump or bet on him defeating Democratic presidential candidate Kamala Harris in the November election.
This is developing news. Please check back for updates.
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