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Home»Finance»DJT stock extends gains as investors assess Elon Musk support, Harris media appearances
Finance

DJT stock extends gains as investors assess Elon Musk support, Harris media appearances

October 9, 2024No Comments5 Mins Read
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DJT stock surges following Elon Musk cameo at Trump rally
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Trump Media & Know-how Group inventory (DJT) prolonged beneficial properties by one other 13% on Tuesday after closing greater than 10% greater on Monday.

The strikes come as traders assess Democratic nominee and present Vice President Kamala Harris’s current media appearances, together with a shock cameo by Elon Musk at Donald Trump’s rally in Butler, Pa., over the weekend. It was the identical location the place the previous president survived an assassination try in July.

Tech billionaire Musk, who serves because the CEO of Tesla (TSLA) and SpaceX and likewise owns social media platform X (previously Twitter), has been outspoken about his help of Trump forward of subsequent month’s election. Trump has even stated he would think about a Cupboard place for Musk however that the businessman probably wouldn’t be capable to serve “with all of the issues he is received happening.”

At Saturday’s rally, Musk informed the group that Trump is the one candidate who can “protect democracy in America,” including this will probably be “the final election” if Trump doesn’t win.

The previous president stays in a deadlocked race in opposition to Harris, who simply launched into a flurry of media appearances in an try and solidify current momentum within the polls.

Harris appeared on an episode of “Name Her Daddy,” a well-liked podcast catered towards Era Z, together with a sit-down interview for CBS’ “60 Minutes.”

Within the one-on-one interview with CBS correspondent Invoice Whitaker, Harris defended her proposals on the economic system and immigration however was pressed on how she would fund a few of these efforts.

Trump backed out of an interview with this system final week after beforehand agreeing to the sit down, in keeping with the community.

Tesla CEO Elon Musk (R) speaks on stage as he joins former US President and Republican presidential candidate Donald Trump during a campaign rally at site of his first assassination attempt in Butler, Pennsylvania on October 5, 2024. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)Tesla CEO Elon Musk (R) speaks on stage as he joins former US President and Republican presidential candidate Donald Trump during a campaign rally at site of his first assassination attempt in Butler, Pennsylvania on October 5, 2024. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

Tesla CEO Elon Musk (R) speaks on stage as he joins former US President and Republican presidential candidate Donald Trump throughout a marketing campaign rally at website of his first assassination try in Butler, Pa., on Oct. 5, 2024. (JIM WATSON/AFP by way of Getty Photos) (JIM WATSON by way of Getty Photos)

Trump maintains a roughly 60% curiosity in DJT. At present ranges of round $21 a share, Trump Media boasts a market cap of about $4.2 billion, giving the previous president a stake price round $2.5 billion. Proper after the corporate’s public debut, Trump’s stake was price simply over $4.5 billion.

Trump Media went public on the Nasdaq in late March after merging with particular goal acquisition firm Digital World Acquisition Corp. However the inventory has been on a bumpy trip since, with shares oscillating between highs and lows because the strikes have usually been tied to a unstable information cycle.

Final month, the inventory traded at its lowest degree because the firm’s debut following the expiration of its extremely publicized lockup interval.

Stakeholders, together with the previous president, had been topic to a six-month lockup interval earlier than having the ability to promote or switch shares. That lockup interval expired on Sept. 19, though Trump stated on the time that he wouldn’t promote his stake.

“I’ve completely no intention of promoting,” the previous president informed reporters at a press convention previous to the lockup interval expiration. “I like it. I take advantage of it as a way of getting out my phrase.”

Republican presidential nominee former President Donald Trump arrives to speak during a campaign rally at Dodge County Airport, Sunday, Oct. 6, 2024, in Juneau, Wis. (AP Photo/Julia Demaree Nikhinson)Republican presidential nominee former President Donald Trump arrives to speak during a campaign rally at Dodge County Airport, Sunday, Oct. 6, 2024, in Juneau, Wis. (AP Photo/Julia Demaree Nikhinson)

Republican presidential nominee former President Donald Trump arrives to talk throughout a marketing campaign rally at Dodge County Airport, Sunday, Oct. 6, 2024, in Juneau, Wis. (AP Photograph/Julia Demaree Nikhinson) (ASSOCIATED PRESS)

In June, the inventory popped (then fell) after present commander in chief Joe Biden stumbled in his first presidential debate of 2024 with Trump. Biden dropped out of the presidential race one month later.

Since Biden’s announcement, shares have remained beneath stress as traders debate the opportunity of a Harris win.

In Might, Trump was discovered responsible on all 34 counts of falsifying enterprise information supposed to affect the 2016 presidential marketing campaign — a verdict that despatched shares down 5% the day after the conviction. His sentencing was just lately delayed till Nov. 26.

Shares have fallen about 50% because the firm’s public debut.

Trump based Fact Social after he was kicked off main social media apps like Fb (META) and Twitter, now X, following the Jan. 6, 2021, Capitol riots. Trump has since been reinstated on these platforms. He formally returned to X in mid-August after a couple of yr’s hiatus.

However as Fact Social makes an attempt to tackle the social media incumbents, the basics of the corporate have lengthy been in query.

In August, DJT reported second quarter outcomes that exposed a internet lack of $16.4 million, about half of which was tied to bills associated to the corporate’s SPAC deal. The corporate additionally reported income of slightly below $837,000 for the quarter ending June 30, a 30% year-over-year drop.

Final week, the corporate revealed that its COO had stepped down in September.

Alexandra Canal is a Senior Reporter at Yahoo Finance. Observe her on X @allie_canal, LinkedIn, and e mail her at alexandra.canal@yahoofinance.com.

Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer shares

Learn the most recent monetary and enterprise information from Yahoo Finance.



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