Tuesday saw a roughly 19% increase in Trump Media shares, positioning the operator of Truth Social for gains for the fourth day in a row — the company’s longest run of positive prices since June.
In very intense trading, DJT shares once surged over $22, almost 90% above the company’s intraday low of $11.75 a share on September 24.
At $21.80 per share, Trump Media closed the trading day up 18.5%.
However, the stock price is still well below its all-time high of $79.38 during the company’s Nasdaq debut trading session in late March.
Tuesday’s trading volume of DJT shares more than tripled its 30-day average volume, with over 45 million shares traded.
Since Saturday, when the company’s majority owner, Donald Trump, staged a presidential campaign event close to Butler, Pennsylvania, at the same location where he almost died during a rally on July 13, the rally has gained momentum.
Elon Musk, the CEO of Tesla, and thousands of Trump fans flocked to the location when the GOP nominee was back, only minutes after the attempted murder.
The social media platform X is owned by multibillionaire Elon Musk, who stated to the crowd that Trump “must win to preserve democracy in America.”
But the stock price spike also comes amid news about Trump Media that could typically raise worries about a company’s well-being.
The business said on Thursday that Andrew Northwall, the COO, had left in late September.
Northwall’s resignation was not disclosed by either Trump Media or Northwall, and the firm has not named a replacement.
Sandro de Moraes, the chief product officer of Trump Media, also departed the organization, based on his Truth Social account.
ProPublica revealed this week that a number of lower-level staff members had left Trump Media, in addition to de Moraes.
In addition, Trump Media is transferring almost 800,000 shares of common stock to ARC Global Investments II, an early investor in the blank-check company that brought Trump Media public through a merger, according to a filing made on Thursday with the Securities and Exchange Commission.
The action came after a court found that Trump Media had violated the terms of their stock agreement with ARC Global.
A business managed by two Trump Media co-founders that had over 5% of DJT shares sold almost all of its 11 million shares in late September.
That transaction happened soon after Trump and other early investors in the business were permitted to sell their shares.
With a stake in Trump Media of around $2.5 billion as of Tuesday, he holds roughly 57% of the company. The outgoing president has promised not to liquidate his holdings.
Trump Media has declared net losses of more than $340 million on revenue of less than $2 million in two most recent quarterly reports. Just a small portion of the audience of well-known social media companies like Facebook and X is drawn to its Truth Social platform.
The business has a market valuation of more than $4 billion while making no money.
According to some observers, Trump Media serves as a platform for regular investors to back Trump or wager on his chances of defeating Kamala Harris, the Democratic contender for president, in November’s election.
