Shares of Trump Media & Technology Group Corp. (TMTG), which owns the social media platform Truth Social, climbed in pre-market trading on Monday. This comes after a 12% pullback last week, mirroring a broader market downturn.
The stock, frequently labeled a ‘meme’ stock by analysts due to the company’s weak financial performance, may have received a boost from a recent New York Times/Siena College poll. Published on Sunday, the poll showed Republican candidate Donald Trump, who owns a majority stake in TMTG, narrowly ahead of Democratic rival Kamala Harris. This result goes against most recent polls, which give Vice President Harris a slight lead.
Trump and Harris are scheduled to face off in a presidential debate on Tuesday, with political commentators anticipating a clear frontrunner to emerge after the event. Trump holds a substantial 64.9% stake in TMTG, owning 114.7 million shares, according to company filings. The company went public on March 26 after its long-delayed merger with the SPAC, Digital World Acquisition Corp.
Potential broader market strength, as indicated by futures trading, could also contribute to the stock’s rise on Monday. However, the stock is likely to experience volatility in the coming weeks as the lock-up period for shares held by insiders, including Trump, is set to expire on September 19.
In pre-market trading, TMTG stock surged 7.31% to $18.35, according to Benzinga Pro data.
