Trump Media and Technology Group (DJT) stocks continue to soar, gaining over 18% today in a rally that extends the stock’s growth. Currently priced at $29.95, DJT briefly touched above $30 before settling at $29. This surge comes on the heels of the Trump rally in Pennsylvania, further contributing to the stock’s positive trajectory.
DJT stocks initially debuted in March as a meme stock, heavily reliant on Trump’s success, particularly in the upcoming November elections. Predictions vary, with Polymarket and Kalshi placing Trump ahead, while FiveThirtyEight and RealClearPolitics favor Kamala Harris.
Forbes reports that the rise in DJT stocks has bolstered Donald Trump’s net worth by approximately $530 million. As the majority stakeholder, holding 57% of the shares, Trump’s fortune now stands at around $5.5 billion, ranking him as the 603rd wealthiest individual globally.
While DJT stocks have faced volatility throughout Q3, experiencing significant lows and notable losses, recent positive developments have contributed to their performance. Notably, the launch of the Truth+ TV streaming service, available on Android and iOS devices, has garnered attention and investor interest.
Moreover, DJT stocks received a significant boost following an unsuccessful assassination attempt on Trump in July, with a spike of approximately 50%. Trump-related stocks, such as RUM, also experienced price increases. However, Terry Haines, Founder of Pangaea, suggests that such events have only short-term implications for Trump’s candidacy.
Recently, DJT stocks faced a considerable drop after the expiration of the stock’s lock-up period in September, allowing stakeholders to transfer or trade their shares. However, Trump declared his intention to retain his shares, citing DJT as a means to communicate his message effectively.
The appearance of Elon Musk during the recent rally added to the confidence of voters and further fueled the ongoing DJT rally. Musk’s endorsement and enthusiastic speech, in which he referred to himself as a ‘dark MAGA,’ resonated with attendees. Musk has shown support for Trump in the past, tweeting in favor of the America PAC, which champions meritocracy and individual freedom.
Trump, acknowledging Musk’s business acumen, has expressed interest in having him in his cabinet if he wins the elections. The former president recognizes Musk’s contributions and potential value to his administration.