Former President Donald Trump’s social media company, Trump Media & Technology Group, has experienced a significant surge in its share price on Wall Street, driven by speculation surrounding Trump's potential return to the White House.
After facing a steep decline that saw its share price plummet to a record low of $12.15 on September 23, marking an 82% drop from its peak, the company has now witnessed a remarkable turnaround. In less than three weeks, the share price has more than doubled, with a nearly 50% spike in the past week alone.
This sudden resurgence is particularly noteworthy for a stock known for its extreme volatility, often likened to a meme stock on steroids. Despite the absence of any major announcements regarding new revenue streams or products, or significant endorsements from analysts or shareholders, the company's fortunes have been closely tied to perceptions of Trump's electoral prospects.
Trump Media has served as a platform for traders to speculate on the outcome of the upcoming election, with market sentiment shifting in response to the perceived likelihood of Trump reclaiming the presidency in November. While the race for the White House remains highly contested and unpredictable, recent trends in betting markets and some polls have shown a slight tilt in Trump's favor.
