Shares of Trump Media & Technology Group, the parent company of Truth Social, saw a significant rise, closing at their highest level in six weeks, New York Post reports.
The stock surged 17% on heavy trading volume, continuing a strong upward trend this week. So far, the company’s stock has gained 46% over the week, closing at $24.12.
Around 44 million shares changed hands during the session, nearly triple the 30-day average trading volume, according to data from LSEG.
The increase in Trump Media’s stock price comes as the odds of former President Donald Trump winning the 2024 presidential election have improved slightly on PredictIt, a popular prediction marketplace. Trump’s chances rose to 52 cents, up from 49 cents the previous week. Vice President Kamala Harris, the Democratic candidate, also holds 52 cents, though her odds have slipped from 55 cents a week ago.
A recent Reuters/Ipsos poll shows Harris leading Trump by a slim margin, 46% to 43%, highlighting the competitiveness of the race as it nears.
Trump Media, which is 57% owned by Trump, initially skyrocketed in value after its Wall Street debut in March 2021, buoyed by support from Trump backers and retail traders. At its peak, the company’s valuation reached nearly $10 billion, largely viewed as a speculative investment tied to Trump’s prospects of regaining the presidency.
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