Trump Media & Technology Group Corp (DJT) stock continued its rally on Tuesday, building on an impressive 11% surge the previous day. The stock’s climb coincides with Republican presidential candidate Donald Trump’s return to Butler, Pennsylvania, the site of his July 13th assassination attempt.
Trump’s campaign rally in Butler featured a significant endorsement from Tesla Inc (TSLA) CEO Elon Musk. Musk publicly expressed his support for Trump, even chanting his political slogan, “Make America Great Again,” during Trump’s 90-minute speech. Musk has been a vocal supporter of Trump’s campaign since the assassination attempt and has even formed a pro-Trump political action committee called America PAC.
Trump, in turn, highlighted Musk’s proposed government efficiency commission, promising to implement it if elected. This plan aims to reduce waste within the federal government. Trump’s continued commitment to his stock in Truth Social, the parent company of Trump Media, despite co-founders cashing out, further demonstrates his confidence in the company’s future.
The stock also benefited from the Supreme Court’s recent decision not to hear a case linked to Trump’s social media account data. This case stemmed from special counsel Jack Smith’s investigation into alleged election interference by Trump in 2020.
Trump continues to criticize the Biden administration, emphasizing his pro-America policies while highlighting the perceived negative impact of Biden’s inflation and border security policies. The Financial Times reported that Trump’s policies, including lower corporate taxes and tariffs, could raise the federal debt by $7.5 trillion through 2035. In contrast, Democratic candidate Kamala Harris’s proposed policies could increase the debt by $3.5 trillion.
Trump Media stock has experienced a 7% gain over the past five days. At the last premarket check on Tuesday, DJT stock was up 4.40% at $19.20.
The surge in Trump Media stock highlights the potential impact of political endorsements and campaign events on the market. It also underscores the ongoing interest in Trump’s political future and his influence on the business world.
