Shares of Trump Media & Technology Group Corp (DJT) are trading higher on Tuesday, fueled by a combination of factors: the upcoming vice presidential debate and the ongoing volatility surrounding the 2024 presidential election. Adding to the positive sentiment, the company has announced that its custom-built content delivery network (CDN) is now operational from multiple locations across the United States.
Trump Media’s stock has exhibited heightened volatility in recent weeks. The company, parent to the social media platform Truth Social, made its public debut in late March. However, a lockup period restricted major shareholder Donald Trump and other insiders from selling shares until a couple of weeks ago. As the lockup period ended, shares fell from around $19 to roughly $12 within a week. The stock has rebounded since then, gaining over 25% in the past five trading days, leading up to Tuesday’s vice presidential debate between Minnesota Governor Tim Walz and Ohio Senator J.D. Vance.
With less than 40 days until the presidential election, scheduled for November 5th, betting platforms indicate a slight advantage for Vice President Kamala Harris, with odds of -125 to win, compared to Trump’s +100 odds.
Trump Media’s stock may also be benefiting from the company’s announcement about its expanded CDN, which powers the Truth+ TV service. This expansion allows the CDN to stream content from multiple locations, transforming it into a more sophisticated network. The company aims to establish a TV streaming platform offering news, Christian content, and family-friendly programming.
Devin Nunes, CEO of Trump Media, expressed enthusiasm about the CDN’s performance, stating, “We’re pleased to report our CDN is operating excellently and is quickly enhancing. With additional data centers expected to open soon, our TV streaming capabilities and content are expanding rapidly, consistent with Truth Social’s goal to become the unassailable fortress of free speech on the Internet.”
At the time of publication, Trump Media shares were up 5.10% at $16.90 according to Benzinga Pro.
