Shares of Trump Media & Technology Group, the media company majority-owned by former President Donald Trump, surged over 50% in premarket trading as early election results indicated Trump closing in on a second term. The stock climbed above $51, reflecting market optimism as Trump gained an Electoral College lead, narrowing Vice President Kamala Harris’s path to victory.
NBC News projected that Trump won crucial swing states, including North Carolina, Georgia, and Pennsylvania, strengthening his position in the race. The company, which operates Truth Social, a platform championing free speech, has seen its stock act as a proxy for Trump’s election chances.
Despite releasing a surprise earnings report showing a $19.2 million loss for Q3, Trump Media’s stock rallied, showing resilience amidst election-driven volatility. Revenue for the quarter came in at just over $1 million. CEO Devin Nunes, a former California congressman, expressed pride in the company’s progress, emphasizing its mission to be a stronghold for free speech online.
The stock, with ticker DJT, surged over 105% in the past month, despite a 34% decline in the last five sessions amid Harris’s late-race momentum. On Election Day, shares hit an intraday high with an 18% gain before closing down slightly. While Trump’s stock success correlates with his election prospects, other factors such as profit-taking could impact its performance moving forward.
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