Truth Social stock rebounds after record low as polls show Trump’s chances in election grow
Share price for Truth Social parent company often acts as unofficial barometer of Trump campaign’s perceived strength
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Stock in Donald Trump’s media company has continued its recent rollercoaster ride, growing by nearly 30 percent over the last two days, after hitting an all-time low just three weeks ago, adding an estimated $2bn to the value of the former president’s majority stake in the company.
As of Tuesday afternoon, shares in Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, were trading at just over $30, less than half of the company’s record price from late March after going public, but still a welcome improvement over when the firm hit just $12.15 a share on September 23.
The stock often trades as an unofficial poll on Trump, rather than a sober reflection on the business reality, according to experts. The company posted a more than $16m loss in the second quarter, with revenues of less than $1m.
“This stock has never traded on fundamentals, but is a barometer for both Trump and Trump’s followers,” Kristi Marvin, founder of SPACInsider, toldThe New York Times. “And in the same way people can now bet on Trump and the election on sites like Polymarket, people can also bet on Trump via the stock market.”
The resurgent share price, then, may be an indication that Trump supporters are feeling a renewed sense of confidence in the Republican.
According to The Independent’s poll tracker, Trump has cut into Kamala Harris’s projected three percent national lead by about half a percent over the last month, with the GOP candidate leading in four of seven swing states.
Investors may also be drafting off the fact that Trump chose not to sell of his shares, despite the expiration of a six-month lockup period.
The betting markets certainly think Trump is gaining an edge, with the former president topping Harris for the first time since the pair’s debate.
Shares in Trump Media have swung wildly over the last year, plunging nearly 20 percent on the first day of Trump’s hush money trial in April, then spiking after Trump’s successful debate win against Biden and surviving an assassination attempt.
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