In a surprising turn of events, Donald Trump’s election victory has caused shares in Trump Media & Technology Group to soar, adding nearly $300 million to Trump’s wealth as he secures his second presidency. The stock surged by nearly 8% to just under $37, following a premarket spike that pushed the stock above $40. This increase in value also boosted Trump’s stake in the company by roughly $290 million, bringing his total stake to $4.1 billion. This positive trading activity comes after a volatile session on Tuesday, where the stock rose by as much as 18.6% before turning negative and ending the day down 1%.
Despite the recent increase in stock value, Trump Media reported a loss of $19.2 million during its third quarter, with revenue declining by 5.6% year-over-year. Despite these challenges, Trump’s net worth is currently estimated at $6.3 billion, according to Forbes. This fluctuation in his fortune is due in part to the volatile trading of Trump Media’s stock, which saw a significant increase of 119% in October. The stock reached its highest level since June during the month, hitting $54.68.
Trump Media’s stock has been closely tied to Trump’s presidential campaign, with its valuation shifting in response to campaign events. The stock initially reached a near $10 billion valuation in May before dropping below $11. Shares have fluctuated throughout his campaign, with significant jumps following debates and declines after certain events. The stock has seen increased trading activity in recent weeks, particularly as election betting markets favored Trump. However, trading has also been halted multiple times due to volatility in the market.
Overall, Trump Media’s stock has experienced significant ups and downs since going public through a reverse merger earlier this year. Despite challenges such as financial losses and revenue declines, the company’s stock value continues to sway in response to external events, particularly those related to Trump’s political career. Trump’s wealth has also been affected by this volatility, with his net worth reaching as high as $8 billion at one point. As the company and its largest shareholder continue to navigate the ever-changing market, only time will tell how their fortunes will be impacted in the long run.
