Shares of Trump Media and Technology Group, the parent company of former President Donald Trump’s social media platform Truth Social, saw a notable rise on Monday after new polling data showed Trump leading Vice President Kamala Harris.
The stock surged by more than 7% during the day before closing at $18.04, up 5.5%, or 94 cents.
The boost in stock price followed the release of a New York Times/Siena College poll showing Trump slightly ahead of Harris, 48% to 47%. This marked an improvement from earlier surveys where Harris had the edge.
Further fuelling investor optimism, data journalist Nate Silver’s model predicted Trump winning all critical swing states against Harris, suggesting an Electoral College landslide of 312 to 226 in Trump’s favour.
A potential second Trump presidency could significantly benefit Truth Social, making it the primary platform for his statements and breaking news.
However, despite recent gains, Trump Media’s stock remains down 70% from its peak in March, when it debuted on the Nasdaq. The company’s current market capitalization stands at $3.63 billion, with Trump’s 59% stake valued at approximately $2.18 billion—down $4 billion from earlier this year.
A key date looming for investors is September 19, when a lockup provision preventing Trump from selling his 115 million shares expires.
If Trump decides to sell, it could yield a substantial sum but would likely cause the stock price to plummet, severely impacting the value for the more than 600,000 shareholders.
Trump has not yet indicated his intentions regarding the shares. The Post has reached out to Trump Media for comment.
Adding to the company’s challenges, Trump Media recently reported a loss of more than $16 million in the most recent quarter, with revenue also declining.
Half of the loss was attributed to legal expenses tied to its merger with Digital World Acquisition Corp., a company that was primarily cash-seeking a merger target. In the first quarter, Trump Media reported losses exceeding $300 million.
