Jonathan Ra | Noor Photos | Getty Images
The stock price is Trump Media Shares soared more than 12% in afternoon trading Monday, extending a stunning rally that began in mid-April.
DJT stock prices were up more than $5 per share just before 1 p.m. ET.
Trump Media owns the Truth Social app, which is frequently used by the company’s majority shareholder, former President Trump, who is also this year’s Republican presidential candidate.
The company began trading publicly on March 26 at a price of over $70 per share. Over the next few weeks, the stock price plummeted, eventually closing at $22.80 on April 16.
Since then, Trump Media’s stock has more than doubled, adding billions to the company’s market value and the former president’s holdings.
The company’s earnings growth came without any major news about improving earnings.
Earlier on Monday, Trump Media issued an update to shareholders, advising them on how to avoid lending their stock to short sellers who bet that the stock price will fall.
Trump Media has more than $200 million in cash, but its social media business lost $58 million last year and generated only $4.1 million in revenue.
This is developing news. Please check back for updates.
About The Author
