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Shares of Trump Media closed up 5.5% on 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.
The stock surged soon after trading opened, reaching an intraday share price high of $19.06. The stock closed at $18.04 per share.
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,” had slid nearly 70% from its all-time high in March, when it began publicly trading after merging with a special purpose acquisition company.
The 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 1 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’s close, the company’s market capitalization stood at roughly $3.6 billion. At its peak, Trump Media was valued at nearly $8 billion.
He and other company executives can begin selling their stakes in the company later this month, though it is unknown whether the former president will do so.