Following a turbulent trading session on Tuesday, Trump Media & Technology Group Corp (DJT) experienced a positive shift in its stock price during pre-market trading on Wednesday. As of this writing, DJT has seen a 2.85% increase, rebounding from a significant drop of nearly 10% on Tuesday’s closing price, according to Benzinga Pro.
This upward trend comes on the heels of a volatile session on Tuesday, which saw DJT stock temporarily halted due to significant price fluctuations. The decline coincided with an interview featuring former President Donald Trump, the majority shareholder of DJT, at the Economic Club of Chicago. During the interview, conducted by Bloomberg Editor-in-Chief John Micklethwait, Trump discussed various topics that could potentially impact the 2024 presidential election, including tariffs and the Federal Reserve.
While the drop and subsequent halt in Trump Media’s stock may have been influenced by the former president’s remarks during the interview, the company continues to make strides. Trump Media recently launched its Truth+ streaming service online, offering a diverse range of content, from entertainment and news to faith-based programming and documentaries. This service is also accessible through an Android app, expanding its reach beyond the web.
Meanwhile, Phunware Inc. (PHUN), a mobile-advertising software company that played a key role in developing and managing the mobile application for Trump’s 2020 re-election campaign, saw a significant boost in its stock price. PHUN experienced a surge of over 38% on Tuesday, ultimately closing the day 14.68% higher. The company’s close connection to Trump’s political endeavors continues to influence its stock performance, demonstrating a strong correlation between the two entities.
The fluctuations in both DJT and PHUN stocks highlight the dynamic and unpredictable nature of the market, particularly when influenced by high-profile individuals like Donald Trump. As the former president continues to be a dominant figure in American politics, his pronouncements and actions are likely to continue impacting the stock market in various ways.