Shares of Trump Media & Technology Group, the media venture led by former U.S. President Donald Trump, have surged for a second consecutive day, reflecting growing market enthusiasm as anticipation builds for tonight's debate between Trump and Vice President Kamala Harris.
On 10th September, the stock rose more than 4%, elevating the value of Trump's holdings in the company to $2.2 billion. This notable increase follows a period of recent declines that saw the stock hit record lows. The uptick is particularly significant as Trump and other insiders are set to gain the opportunity to sell their shares for the first time since the company's public debut in March.
The stock’s performance this week, which includes Monday’s gains, has resulted in an approximate 11% rise. Dennis Dick, a trader at Triple D Trading, commented, “The recent stock movement reflects heightened excitement ahead of the debate and optimism regarding Trump's performance. Many supporters are buying shares as a show of support.”
The boost in stock value coincides with a poll released on 8th September, which shows Trump narrowly leading Harris by 48% to 47%. As the election approaches, the PredictIt politics betting platform shows contracts for a Harris victory trading at 53 cents, compared to 52 cents for a Trump win.
Trump Media's financial performance has been scrutinized despite the recent stock surge. The company reported a loss of $16.4 million for the June quarter and revenue of $837,000, highlighting a disconnect between the stock’s market value and the company’s business fundamentals. Currently, the stock’s market value stands at $3.8 billion.
According to the terms of Trump Media’s public listing, Trump and other insiders can sell shares later this month, provided the stock price remains above $12 for 20 consecutive trading days. The stock was last traded at $18.85 on September 10.
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