Shares of Trump Media Soar After He’s Named President-Elect
President-elect Donald Trump received another unexpected boost following his historic comeback win over Vice President Kamala Harris.
CNBC reported on Wednesday morning that shares of Trump Media & Technology Group, the parent company of Truth Social, surged 16% shortly after Wall Street opened, “paring gains from the premarket session that pushed shares up about 50% and above $51 a share.”
As Trump solidified his lead in the Electoral College, the stock continued its upward trend, narrowing Vice President Kamala Harris’s path to victory. Due to this volatility, trading was temporarily halted multiple times on Wednesday, CNBC noted.
Despite a surprising third-quarter earnings report showing a $19.2 million loss, shares in the company, widely seen as a market reflection of Trump’s influence, rallied. Trump, who owns a majority stake in Truth Social’s parent company, has seen shares fluctuate sharply throughout the election season as his race against Democratic Vice President Kamala Harris unfolded.
In the past five trading days, shares dropped more than 34% as Harris appeared to gain late momentum. However, trading under the symbol DJT, the stock has risen over 105% during the last month. On Tuesday, with both candidates making their final campaign pushes, the stock spiked over 18% at its session high before closing down 1.2%, according to CNBC. “In the earnings release, the company reported revenue of just over $1 million,” the outlet added.
Trump Media CEO Devin Nunes, a former California GOP congressman, stated, “This has been an extraordinary quarter for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet.”
Meanwhile, billionaire Elon Musk took to Twitter, now known as X, to celebrate after Trump was announced the winner of the presidential race.
“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” Musk posted.
“America is a nation of builders. Soon, you will be free to build,” he tweeted, underscoring his support for Trump’s platform.
In early October, Musk had further invested in pro-Trump initiatives, bolstering his contributions to various Republican political action committees. According to National Review, “Musk donated almost $44 million more to America PAC and $10 million to the Senate Leadership Fund, a super PAC aligned with Senate Minority Leader Mitch McConnell (R., Ky.), according to new federal filings.”
The publication also reported, “He also poured over $2 million into the Sentinel Action Fund, a conservative Super PAC with a presence in Pennsylvania.”
Jessica Anderson, Sentinel Action Fund president, expressed her thanks on X: “Thank you @elonmusk for catching the early vote/ absentee vision! This contribution closes the gap in PA. Let’s go win!”
If former President Trump returns to the White House, a GOP-majority Senate would allow him to continue nominating conservative judges to federal courts and potentially to the U.S. Supreme Court.
With his contributions, Musk’s total donations to America PAC have nearly reached $120 million. This group focuses on registering and mobilizing Republican voters in key swing states. The DeVos family and investor Nelson Peltz have also joined the cause, contributing $2 million and $1 million, respectively.
This significant level of investment positioned Musk among the top donors this election cycle, though it represents only a fraction of his estimated $243 billion net worth, maintaining his title as the wealthiest person globally.