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Key Takeaways
- Shares of Truth Social’s parent company were up nearly 20% early Monday afternoon, advancing to start the home stretch to the presidential election.
- The move to prices around $46 extends a recovery from lows of below $12 set in September.
- The social network operator has become something of a meme stock, attracting investors looking for a way to bet on the likelihood of who will win the election.
- Some investors may be looking ahead to the company’s next set of quarterly financial results. Trump Media in August reported a net loss of $16.4 million.
Shares of Truth Social’s parent company continued their recent climb Monday, advancing to start the home stretch to the presidential election.
Trump Media & Technology Group (DJT), majority owned by former President Donald Trump, was recently up 18% to just above $46, trading at its highest levels since June. The move extends a rebound from lows of below $12 set in September.
TradingView
The social network operator has become something of a meme stock, attracting investors — including retail investors — looking for a way to bet on the likelihood that Trump, the Republican nominee, will defeat Vice President Kamala Harris, the Democrats’ pick.
The shares remain below intraday highs near $80 seen not long after the company’s merger with a so-called blank check company earlier this year. They had fallen steadily since May, but reversed course last month in part after the expiration of lock-up agreements limiting the ability of Trump and other investors to sell shares didn’t appear to generate fresh pressure on the stock.
Some investors may also be looking ahead to the company’s next set of quarterly financial results. Trump Media in August reported second-quarter revenue of $837,000 and a net loss of $16.4 million.