TLDR:
- Trump Media & Technology Group (DJT) stock surged, rising 18% on Monday and 10% on Tuesday
- The stock’s rise coincides with increased odds of Trump winning the 2024 election
- Truth Social launched a web version of its Truth+ streaming service
- Trump’s stake in the company is now worth approximately $3.8 billion
- World Liberty Financial, backed by the Trump family, is preparing for a $300 million token pre-sale
In recent days, Trump Media & Technology Group (DJT), the parent company of Truth Social, has experienced a significant surge in its stock price.
The company’s shares jumped 18% on Monday, followed by an additional 10% increase on Tuesday, marking a notable recovery from September lows to levels last seen in July.
This stock rally appears to be linked to several factors, including shifting predictions for the 2024 U.S. presidential election. According to the prediction market Polymarket, former President Donald Trump’s chances of winning the election have increased by approximately 3 percentage points since Monday, reaching around 58%. This change in electoral forecasts seems to be influencing investor sentiment towards Trump-associated companies.
Coinciding with the stock price increase, Trump Media made a significant announcement on Monday, launching a web version of its Truth+ TV streaming service.
This new platform offers a variety of content, including news, entertainment, faith-based programming, weather, documentaries, and children’s content. The company has also revealed plans to expand the service’s availability, with upcoming launches of an iOS app and integration with connected TV platforms such as Apple TV and Amazon Fire.
The recent stock performance has had a substantial impact on Donald Trump’s net worth. His nearly 60% stake in the company, consisting of approximately 115 million shares, is now valued at about $3.8 billion.
This represents an increase of around $2 billion in just a few weeks, underscoring the volatile nature of the stock and its sensitivity to political developments.
While the stock has seen impressive gains, it’s worth noting that it remains below its April highs of around $80 per share. The company’s performance continues to be closely tied to Trump’s political fortunes and the broader social media landscape.
World Liberty Financial Crypto
In a related development, a new cryptocurrency project called World Liberty Financial, backed by the Trump family, is preparing for a significant token pre-sale.
The project aims to raise $300 million with a projected valuation of $1.5 billion. Over 100,000 accredited U.S. investors have reportedly been added to the whitelist for the upcoming sale of its WLFI token, scheduled for October 15.
This cryptocurrency venture involves several Trump family members in key roles. Donald Trump is serving as the “chief crypto advocate,” while his sons Eric and Donald Trump Jr. are promoting the project as “web3 ambassadors.”
The platform intends to integrate elements of Ethereum and Scroll for transactions and will incorporate the Aave V3 protocol for lending services.
The timing of these financial movements and new ventures, occurring just weeks before the U.S. presidential election, has caught the attention of market analysts.
Some suggest that Trump’s involvement could potentially boost the cryptocurrency sector, especially given his pro-cryptocurrency stance compared to his political opponents.
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