Trump's Social Media Stock Surges on Election Day

As the nation cast their votes on Election Day, shares of Trump Media & Technology Group, the company behind social media platform Truth Social, saw a significant boost. On Tuesday, the stock price jumped by 15%, starting the day at $37. 52 and touching a high of $40. 74 before settling around $39. 36 by the afternoon. This surge wasn't just about market dynamics; it reflected investor enthusiasm for former President Donald Trump. Analysts and experts weighed in on the unusual stock activity. John Rekenthaler, vice president of research at Morningstar, described DJT stock as "the most emotional stock on the stock exchange. " The stock volume was also notably high, trading at more than double its average daily volume over the past month. This surge showed investors were putting their money on a potential Trump win, anticipating increased viability and value for Truth Social. Trump Media & Technology Group was founded in February 2021 by Trump and partner Andy Dean. The company is based in Sarasota, Florida, and its primary asset is Truth Social, a social media platform that has faced fluctuations in value since its inception. The stock has had its ups and downs, with a surge in October and a significant drop last week. Tuesday's rise comes after the stock dropped a third over the past week, showcasing the volatile and unpredictable nature of the market related to Trump Media.