Parent company of Truth Social
Trump shares climb more than 40 percent
Updated on November 6th, 2024Reading time: 1 min.
The election victory was also financially worthwhile for Donald Trump. The shares for the parent company of his social media platform Truth Social are increasing significantly.
Even if he was not officially the winner of the election at this point, shares in the Trump Media & Technology Group (TMTG) shot up by more than 40 percent in premarket US trading. Donald Trump owns a majority stake in the parent company of the platform Truth Social.
By the closing price the day before, the shares' valuation had almost doubled since their debut in March.
Already in the final spurt of the race for the White House, investors were probably betting on a victory for Trump. Even before the US stock market debuted, TMTG shares had risen by more than ten percent. At the start of the week, the stocks had already made up for initial losses and closed twelve percent higher. The share thus left behind a three-day decline in which it had lost around 40 percent of its value.
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Other Trump-linked stocks also rose on Tuesday ahead of the start of trading on Wall Street. Software developer Phunware, which was hired by Trump's 2020 re-election campaign to develop a phone app, rose around nine percent. Shares in the video-sharing platform Rumble, in which Trump's vice presidential candidate JD Vance has invested, rose by more than four percent in the premarket.
