The stock market journey of Trump Media & Technology Group Corp (DJT) has been anything but smooth, mirroring the turbulent landscape of the 2024 Presidential campaign. The company, backed by former President Donald Trump, has witnessed significant fluctuations as the stock reflects the impact of Trump’s political actions.
Over the past two months, DJT stock has faced a rollercoaster ride. The Truth Social parent company experienced a sharp decline in value following a series of events, including a July 14 assassination attempt on Trump in Pennsylvania, President Joe Biden’s withdrawal from the race on July 22, and the subsequent nomination of Vice President Kamala Harris as the Democratic Presidential candidate. The company also reported a second-quarter GAAP net loss of $(16.4) million against a revenue of $0.84 million.
However, the stock rebounded by 13% on Wednesday following Trump’s speech at a North Carolina event, where he criticized Harris’ handling of foreign affairs issues. The speech was delivered behind bullet-proof glass. DJT stock received further support from reports indicating independent presidential candidate Robert Kennedy Jr.’s intention to withdraw from the race and endorse Trump.
On the campaign finance front, Reuters reports that Harris’ campaign raised four times the amount of money compared to Trump’s in July, garnering $204 million versus Trump’s $48 million. In terms of spending, Harris spent $81 million in July compared to Trump’s $24 million. Despite these gains, DJT stock has witnessed a 31% decline in value over the past month.
The upcoming face-off between Trump and Harris for the first ABC-hosted debate scheduled for September 10, 2024, is anticipated to further influence the stock’s trajectory.
As of Thursday, DJT stock closed at $24.64, up by 1.82%. The stock’s future remains heavily reliant on the unpredictable nature of the 2024 election and Trump’s political standing.
