cryptopolitan.com
The Trump Media and Technology Group stocks DJT continued to see steady rise on October 14, pushing the growth seen by the stock before the Trump rally in Pennsylvania. DJT jumped by over 18% today, reaching $29.95 at the time of writing. Charts show that the stock briefly hit above $30 before dropping to $29.
DJT stock came into the markets in March as a meme stock, depending greatly on Trump’s success, especially in the upcoming November elections. Multiple prediction sites, including Polymarket and Kalshi, are placing Trump ahead. However, two of their counterparts, including FiveThirtyEight and RealClearPolitics, are placing Kamala Harris ahead.
According to Forbes, the increased price in DJT stocks has boosted Donald Trump’s net worth by approximately $530 million. The former president and renowned businessman owns 57% of the shares of the Trump Media. The Forbes real-time tracker also ranks Trump as the 603rd wealthiest person globally, with a net worth of approximately $5.5 billion.
DJT stock price fluctuates
Trump Media stock has had a rocky Q3, experiencing significant lows and notable losses. The second quarter was also similar, with the DJT dropping to a 4-month low and tanking Trump’s net worth by $170 million.
The stock’s good performance has been combined with significant developments, including the recent launch of the Truth+ TV streaming service, which will be accessible on Android and iOS devices.
Notably, Trump Media and Technology Group stocks, DJT, spiked significantly after Trump’s failed assassination attempt in July, increasing by approximately 50%. Truth Social also increased by approximately 41%, reaching $41. The failed assassination event further influenced the prices of other Trump-related stocks, such as RUM.
Pangaea’s founder, Terry Haines, explained that the assassination attempt was a major political event. Haines still noted that the attempt would only have a short-term boost to Trump’s candidacy.
“The logic of this doesn’t match up. … It’s a terrible event but that does not mean voters are going to be much more likely to [vote for him.]”
– Terry Haines, Founder of Pangaea
In a recent event, the DJT stocks dropped significantly after closing the stock’s lock-up period. The lock-up period expiry in September would allow stakeholders to transfer or trade their shares. The former president still mentioned that he did not plan to sell his shares, explaining DJT as an aid to get his word out.
Elon Musk contributes to the current DJT price boost
Elon Musk’s appearance during the recent rally boosted voter confidence in Trump and has fueled the continuing DJT rally. The SpaceX and Tesla founder and CEO appeared enthusiastic during the rally, reiterating that winning for Trump was necessary. Musk’s speech saying that he was a ‘dark MAGA’ reportedly resonated with attendees.
The SpaceX CEO has asserted himself as a Trump supporter over the years. In July, Musk tweeted that he would donate to the America PAC, which supports ‘meritocracy and individual freedom.’ According to Musk, the Republicans, while not entirely there, supported merit and freedom.
Trump has also shown interest in Elon Musk’s contribution in case he wins the elections, the former president recently said that he would have Musk in his cabinet, mentioning the SpaceX CEO’s business skills.