Trump Media & Technology Group Corp. (DJT)’s stock, saw a significant rebound on Wednesday following a 10% drop on Tuesday.
Over the past 30 days, the stock has surged by 57%, a rally driven largely by increasing optimism about Donald Trump’s chances in the upcoming presidential election against Vice President Kamala Harris.
Market analysts have noted that the stock’s trajectory has become increasingly tied to Trump’s political fortunes, with recent polls and betting markets shifting in his favor.
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Elon Musk Backs Trump with $75M, Driving Stock Gains
One major influence on the stock’s performance has been Trump’s relationship with Tesla CEO Elon Musk, who has reportedly contributed nearly $75 million to Trump’s re-election campaign.
Musk’s political action committee, America PAC, has already spent over $96 million in support of Trump, marking a notable shift from his previous backing of Democratic candidates.
Musk’s alignment with Trump has become a key driver of investor sentiment surrounding the stock, particularly due to Musk’s strong influence in the tech and finance sectors.
Trump Media Gains $1.7B Amid Economic, Political Shifts in Market
Trump Media’s recent gains also reflect broader market movements as political and economic factors play a larger role in investor decisions.
Since September, the value of Trump’s stake in the company has increased by $1.7 billion, though it remains $2 billion lower than its March peak.
Trump remains the company’s largest shareholder, holding over 114 million shares, and continues to be the face of its flagship platform, Truth Social.
Harris Appears on Fox News, Charlamagne Show to Bolster Campaign
Meanwhile, Harris is ramping up her media efforts to rally key voter groups ahead of the election, including appearances on platforms like Charlamagne tha God’s radio show and her recent interview with Fox News’ Bret Baier.
These moves are aimed at countering concerns within the Democratic Party about her campaign’s momentum, as she seeks to draw clear contrasts between her policies and Trump’s, particularly on issues such as democracy and national security.
At the close of trading on Wednesday, DJT stock was up 4.20%, trading at $31.26 per share.
Read also: Kamala Harris Distances from Biden, Calls Trump ‘Unfit’ and Treasury Yields Drop as Investors Eye Fed Outlook and Data.
