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Shares of Trump Media by climbed more than 7% Monday, a respite from the stock’s two-months-long losing streak ahead of the date when its majority shareholder, former President Donald Trump, can begin selling his shares.
Shortly before 1 p.m. ET, shares of Trump Media were trading at $18.39, up 7.59% from where they opened Monday morning.
Before Monday’s surge, the stock had dropped nearly 45% since its most recent high, which came in mid-July after the attempted assassination of Trump at a campaign rally in Pennsylvania.
Trump Media, which trades under the ticker “DJT,” has slid nearly 70% from its all-time high in March, when it began publicly trading after merging with a special purpose acquisition company.
Shares on Wednesday closed below where they traded at the end of 2023.
Trump Media — the parent company of social media platform Truth Social — saw its share price climb on Monday without an obvious explanation.
But a new Times/Sienna poll on Sunday showing Trump and Democratic nominee Kamala Harris neck-and-neck in the race for the White House may have contributed to the rise in the stock, which often acts as a proxy for Trump’s election odds.
The poll showed Trump leading Harris by one percentage point, 48% to 47%, within the survey’s margin of error.
The Republican nominee on Monday also took to Truth Social himself to promote the platform.
“TRUTH SOCIAL IS GREAT. THE REAL VOICE OF AMERICA!,” Trump posted on the platform shortly after 10 a.m. ET.
Trump owns nearly 59% of Trump Media’s outstanding shares. The value of his holdings has decreased dramatically in recent months.
As of Monday at 12:45, the company’s market capitalization stood at slightly more than $3.6 billion. At its peak, Trump Media was valued at nearly $8 billion.
He and other company executives can begin selling their stake in the company later this month, though it is unknown whether the former president will do so.
This is a developing story, please check back for updates.