Former President Donald Trump’s social media company, Trump Media & Technology Group, has experienced a significant surge in its share price on Wall Street. The company, which owns Truth Social, recently saw a remarkable turnaround after facing a record low share price of $12.15 on September 23, representing an 82% drop from its peak.
However, in the past three weeks, the company has witnessed a massive rebound, with its share price nearly doubling and increasing by almost 150%. Last week alone, the stock spiked by nearly 50%, followed by an additional 18% surge on Monday.
This sudden surge in the company's stock price is notable, especially considering its reputation as a highly volatile stock often likened to a meme stock on steroids. Despite the lack of any significant announcements regarding new revenue streams or products, or endorsements from analysts or major shareholders, Trump Media's stock has been on a rapid upward trajectory.
The primary driving force behind this surge appears to be the perceived likelihood of Donald Trump winning the presidential election in November. Traders have been using Trump Media as a means to speculate on the election outcome, leading to increased interest and investment in the company.
