Shares of Trump Media & Technology Group, the parent company of former President Donald Trump’s Truth Social, surged by double digits Tuesday afternoon, adding nearly $400 million to Trump’s net worth, though the stock still remains far below its peak.
Key Facts
Trump Media & Technology Group, trading as DJT, jumped over 17% to more than $21 per share by 2:10 p.m. EDT on Tuesday, boosting Trump’s net worth by $396 million, according to Forbes’ real-time tracker.
Trump, who owns around 60% of the company, was valued at $4.6 billion as of 2:10 p.m. Tuesday, placing him 758th on the list of the world’s richest people.
This is the second day of gains for DJT, which closed 11% higher than it opened on Monday, following billionaire Elon Musk’s appearance alongside Trump at a rally in Butler, Pennsylvania, on Saturday.
DJT shares have been steadily climbing since September lows when the ban preventing Trump from selling his shares in the company was lifted.
Key Background
On September 19, Trump Media executives were allowed to sell their shares as the lockup period—a standard public company rule preventing certain shareholders from selling for a time—ended.
However, Trump eased fears of a sell-off that could have sunk the stock price, saying, “I’m not selling, I love it.” Shares are now up nearly 80% since their September low, although still far below their peak of over $66 per share after going public in March through a merger with Digital World Acquisition Corp.
Despite generating modest revenue, Trump Media has been labeled a volatile “meme stock,” driven by social media hype and non-earnings events, such as Trump’s performance in debates or assassination attempts.
Tangent
Last week, Trump Media disclosed that its chief operating officer, Andrew Northwall, resigned in late September. The company did not explain his departure but mentioned his responsibilities would be reassigned internally.
Northwall expressed his gratitude to Trump on Truth Social, saying that “being part of TMTG has been one of the most rewarding experiences of my career.” On the same day, ProPublica reported that Trump Media was ousting executives amid internal claims of mismanagement.
