TLDR:
- Trump Media & Technology Group (DJT) stock rose over 4% reaching highest levels since July 2024
- Trump’s net worth hit $6.5 billion, placing him at #481 on Bloomberg Billionaires Index
- DJT stock surge coincides with improved Trump election odds in betting markets
- Company reported Q2 net loss of $16.4M with revenue of $837,000
- Trump maintains 60% stake in DJT worth approximately $4.3 billion
Trump Media & Technology Group’s stock (DJT) continued its upward trajectory on Wednesday, October 23, rising more than 4% in early trading to extend recent gains that have pushed shares to their highest level since July.
The stock’s movement has closely tracked betting markets’ increasing confidence in former President Donald Trump’s election prospects.
The company’s shares closed up nearly 10% on Tuesday, contributing to a broader rally that has seen the stock nearly triple in value since late September.
This surge has significantly impacted Trump’s personal wealth, pushing his net worth to $6.5 billion and securing his position at number 481 on the Bloomberg Billionaires Index for the first time since August 6.
Trump’s approximately 60% stake in the company is now valued at around $4.3 billion, slightly below the $4.5 billion value recorded immediately after the company’s public debut. The stock’s recent performance marks a notable recovery from its lowest points following the expiration of a lockup period last month.
Other Trump-associated stocks have shown similar upward momentum. Phunware, a mobile-advertising software company with Trump connections, jumped approximately 20% on Wednesday after surging more than 40% the previous day. Conservative video platform Rumble also saw gains of about 4%.
The stock’s rise correlates with shifting predictions in both domestic and international betting markets regarding the November 5 presidential election. Popular prediction platforms including Polymarket, PredictIt, and Kalshi now show Trump leading Democratic nominee Vice President Kamala Harris, though national polls indicate an extremely close race in crucial battleground states.
Trump Media & Technology Group, which operates the Truth Social platform, went public on the Nasdaq in March through a merger with Digital World Acquisition Corp. The stock’s performance has been volatile, often reflecting news cycle developments rather than fundamental business metrics.
Recent financial results revealed challenges in the company’s operations. Second quarter reports showed a net loss of $16.4 million, with approximately half attributed to SPAC deal expenses. Revenue for the quarter ending June 30 was just under $837,000, representing a 30% decrease from the previous year.
The company has undergone recent leadership changes, with its COO stepping down in September. Despite these operational challenges, investor interest has remained strong, particularly as Trump maintains his commitment to the platform.
Trump founded Truth Social following his removal from major social media platforms after the January 6, 2021, Capitol riots. While he has since been reinstated on platforms like X (formerly Twitter) and Facebook, he expressed continued dedication to Truth Social, stating in September,
“I have absolutely no intention of selling. I love it. I use it as a method of getting out my word.”
Over the past six months, DJT stock has shown an 8% decline, though recent gains have significantly improved this performance. The expiration of a six-month lockup period on September 19 allowed stakeholders, including Trump, to sell or transfer shares, though Trump publicly committed to maintaining his stake.
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