TLDR:
- Trump Media stock closed up 11.45% after Trump’s rally with Elon Musk
- Musk endorsed Trump at the rally, calling himself “Dark MAGA”
- Trump suggested creating a Musk-led government efficiency commission if elected
- Trump Media’s success is closely tied to Trump’s popularity and use of Truth Social
- Trump Media’s COO Andrew Northwall resigned in late September
Trump Media & Technology Group’s stock experienced a surge in price following a campaign rally where Tesla CEO Elon Musk publicly endorsed former President Donald Trump.
The event, held in Butler, Pennsylvania, saw Trump Media’s shares close up 11.45% at $18.39 per share in heavy trading on Monday, October 7, 2024.
The rally, which took place at the site of a failed assassination attempt on Trump in July, featured a surprise appearance by Musk. During his 90-minute speech, Trump invited Musk to the stage, where the tech billionaire expressed his strong support for the Republican presidential nominee.
Musk declared himself “not just MAGA” but “Dark MAGA,” emphasizing the importance of Trump’s victory in preserving American democracy and the Constitution.
A photo for the history books. pic.twitter.com/KbKZZvoa9Y
— Collin Rugg (@CollinRugg) October 5, 2024
This public endorsement marks a significant development in the relationship between Trump and Musk. The Tesla CEO first publicly backed Trump in the hours following the July assassination attempt and has since become a key supporter of the Trump campaign.
Musk’s involvement has extended beyond verbal support, as he created a pro-Trump political action committee called America PAC. Although the PAC faced investigation earlier this year due to voter data complaints, the probes have since been closed without further action.
Trump, in turn, has proposed creating a government efficiency commission if elected president, suggesting Musk as its potential leader. This commission would be tasked with auditing and cutting waste throughout the federal government, aligning with both Trump’s campaign promises and Musk’s reputation for innovation and efficiency.
The success of Trump Media, particularly its flagship product Truth Social, is closely tied to Trump’s popularity and continued use of the platform.
Regulatory filings from the company have stated that their performance depends significantly on Trump’s reputation and engagement with the social media site. This connection is reflected in the company’s stock performance, which has often mirrored Trump’s political fortunes.
Despite the recent surge, Trump Media’s shares have faced challenges since their debut on the Nasdaq in March.
The stock has experienced a significant decline, down 54.68% since a spike in July following Trump’s first assassination attempt. However, the shares have been steadily recovering since hitting a 52-week low on September 23.

The company has also faced internal changes, as revealed in a recent regulatory filing. Chief Operating Officer Andrew Northwall resigned in late September, adding to the company’s challenges.
Trump Media announced it would release nearly 800,000 shares of its stock to an early investor by order of a Delaware judge, who found that the company had breached an agreement with that investor.
As the 2024 presidential election approaches, Trump Media’s stock performance continues to serve as a proxy for Trump’s campaign success and election odds.
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