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shares of trump media It soared nearly 19% on Tuesday, putting the Truth Social operator on track for a fourth consecutive day of gains and its longest positive streak since June.
In extremely heavy trading, DJT stock at one point soared to $22, nearly 90% above the company’s intraday low of $11.75 per share on September 24th.
Trump Media rose 18.5% to close at $21.80 per share.
But the stock is still well below its high in late March, when the company began trading on the Nasdaq, reaching $79.38.
More than 45 million DJT shares changed hands on Tuesday, more than triple its 30-day average volume.
Trump Media (DJT) stock price
Rallies have accelerated since Saturday, when Donald Trump, the company’s majority shareholder, held a presidential campaign rally near Butler, Pennsylvania, in the same location where he was nearly assassinated at a July 13 rally. .
Thousands of supporters gathered for Trump’s return to the venue. tesla CEO Elon Musk endorsed the Republican candidate’s candidacy minutes after the assassination attempt.
Musk, the billionaire owner of social media site X, told the audience: “Trump must win to protect American democracy.”
But the stock price surge came despite news about the Trump media that would normally raise concerns about the health of the company.
The company announced Thursday that Chief Operating Officer Andrew Northwall will step down at the end of September.
Neither Trump Media nor Northwall gave a reason for his resignation, and the company has not announced a replacement.
Sandro de Moraes, Trump Media’s chief product officer, also left the company, according to his Truth Social account.
propublica Last week, we reported that in addition to Mr. de Moraes, several lower-level employees had recently left Trump Media.
Thursday’s filing with the Securities and Exchange Commission also revealed that Trump Media will transfer approximately 800,000 shares of common stock to an entity called ARC Global Investments II. ARC Global Investments II was an early investor in the blank check company that took Trump Media public through a merger.
The move follows a judge’s ruling that Trump Media violated its stock agreement with ARC Global.
In late September, a company controlled by two Trump Media co-founders who owned more than 5% of DJT stock sold nearly all of its 11 million shares.
The sale came shortly after the company’s early investors, including Trump, were allowed to sell their shares.
Trump owns nearly 57% of Trump Media, valued at about $2.5 billion as of Tuesday. The former president vowed not to sell his shares.
Trump Media has posted net losses of more than $340 million on revenue of less than $2 million in its last two quarterly reports. Its Truth Social platform attracts a fraction of the audience of established social media giants like X and Facebook.
Despite not making a profit, the company boasts a market capitalization of more than $4 billion.
Some analysts see Trump Media as a way for retail investors to support Trump or bet on his chances of defeating Democratic presidential candidate Kamala Harris in November’s election.
