Trump Media stock soars 21% following New York City rally
Donald Trump, Former President of US
Shares of Trump Media, the company behind the social media platform Truth Social, skyrocketed over 21 per cent on October 28, spurred by Donald Trump’s campaign rally in New York City.
According to a report by CNBC, the stock closed at $47.36 per share, surpassing its mid-July peak, which was fuelled by the heightened attention following a near-assassination attempt at a rally in Pennsylvania. This earlier surge was followed by a significant sell-off, which saw the stock plummet to below $12 by late September.
However, the company made a remarkable recovery throughout October, coinciding with the intensifying presidential race against Democratic nominee Vice President Kamala Harris. Trump, who owns nearly 57 per cent of Trump Media, saw the value of his stake rise to about $5.4 billion at Monday’s intraday high, reflecting an increase of around $4 billion since the stock’s September lows.
Despite these fluctuations, analysts have often pointed out that Trump Media’s market value and volatile stock performance are not primarily driven by company news or the platform's modest revenue and audience size. Instead, they suggest that the stock serves as a vehicle for pro-Trump retail investors to express their support for the former president and as a barometer for his chances of regaining the White House.
The recent surge in stock price appears to correlate with a renewed sense of enthusiasm among supporters after Trump’s rally at Madison Square Garden, which attracted thousands of attendees in a predominantly Democratic city. A user on Truth Social celebrated the rally, noting, “Our dear President @realDonaldTrump packs MSG yesterday for the Rally of a lifetime and TODAY, the entire market is UP UP UP!!! $DJT.”
Traditional polling indicates a close race
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This spike in stock value aligns with a shift in political betting markets, where Trump’s odds appear to be improving, even as traditional polling indicates a close race. Betting platforms like Polymarket and Kalshi use different methodologies than conventional polls, raising questions about their reliability as indicators of political outcomes.
Recent concerns have emerged about potential manipulation in the election betting markets. For instance, Polymarket reported that a single individual from France amassed a significant pro-Trump position on its presidential election bets through four separate accounts.
As the election approaches, the dynamics of Trump Media’s stock, its investor base, and the broader political landscape remain linked, reflecting the fervor surrounding Trump’s campaign. Still, with a close race, it is just a matter of few more days before the US has a new President.
