Shares of Truth Social-parent Trump Media & Technology (DJT) have cratered this week, capping off a 120% surge in October with a whimper just days ahead of the Nov. 5 presidential election. That signals investor sentiment could be hedging in the final countdown to the election as polls show a dead-heat contest between former President Donald Trump and Vice President Kamala Harris.
The Donald Trump-backed DJT skyrocketed 119% in October. That includes a drop of almost 10% so far this week. In the first trading day of November, DJT shares dropped 1.3% during Friday’s market action, after sinking 11.7% to 35.34 on Thursday.
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The Nasdaq halted trading on the shares more than once early Thursday, as well as earlier in the week. The Trump stock often behaves as a sentiment indicator toward the former president and the strength of his current candidacy. DJT shares hit a short-term high of 46.27 on July 15 following the assassination attempt against the former president. Trump’s lead in the polls peaked soon after, following President Joe Biden’s exit from the 2024 race.
In September, after the presidential debate between Trump and Harris, DJT sank, signaling investor sentiment held that Trump underperformed expectations.
Shares hit a low of 11.75 on Sept. 24 but roared back 200% since then. However, now with just days to go to the election, DJT is sinking once more. Trump’s odds of victory on Tuesday appeared to be improving in recent weeks even as national polls show the two candidates in a statistical tie for the White House. However, the latest CNN poll shows Harris with a significant lead over Trump in the key swing states of Michigan and Wisconsin. In Pennsylvania, the biggest swing state, the two are still neck and neck.
Donald Trump Stock Surges In October
The Donald Trump stock is among those tracked by the subreddit investor group r/WallStreetBets. Website ApeWisdom shows DJT stock has been among the top-trending issues on r/WallStreetBets throughout this week.
The Donald Trump brand and the value of DJT stock are closely related, as Truth Social launched after then-Twitter shut down Trump’s account following the Jan. 6, 2021, riot at the U.S. Capitol.
The former president holds a 65% stake in Trump Media, worth several billion dollars based on the current stock price. The company reported in August another quarter of sub-$1 million revenue. Meanwhile, Trump made his return to what was Twitter, now renamed X, on Aug. 12 via a conversation with Elon Musk. The former president had previously sworn he would not return to X and would remain on Truth Social.
Trump Media jumped more than 16% on March 26, its first day trading under the DJT ticker, hitting a high of 79.38 intraday. This followed Digital World Acquisition becoming Trump Media & Technology Group after successfully merging with Trump’s tech and social-media platform on March 22. The special purpose acquisition company stock had rallied 35% on the day before the change to “DJT.”
DWAC took Trump Media and Technology Group, or TMTG, public in a reverse merger. After a prolonged battle, DWAC stockholders voted in favor of the special purpose acquisition company’s merger with TMTG. Trump Media is the parent of the conservative social-media platform Truth Social.
DJT shares have advanced more than 100% in 2024, but remain about 30% below their price at the time of conversion.
Please follow Kit Norton on X @KitNorton for more coverage.
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