The value of Donald Trump's media stock has drastically increased following a promising election night for the former President.
Trump Media and Technology Group (TMTG) soared up in value by 44 percent during the Wednesday premarket, as its majority shareholder looks poised to return to the White House as president-elect.
The volatile stock went through heavy fluctuations throughout election day, with trading being paused on several occasions due to rapid changes. At time of writing (6 AM EST), TMTG is up by 31 percent, being valued at $44.27 a share.
The changes to the stock came as Donald Trump was projected to be elected as the next president on Wednesday morning. The stock closed on Tuesday with a value of $34.34 a share.
Newsweek contacted a spokesperson for Trump Media and Technology Group for comment on the stock movements.
TMTG has been an extremely volatile stock throughout the election, as its value is seen to be directly tied to Trump's chances of returning to the White House. Towards the end of October when the race was predicted to be at its closest point, TMTG stock rose in value by over 200 percent.
Despite the rises, TMTG has still not reached its previous high of $79.38 a share, which it hit when the company first went public in March.Trump himself is TMTG's majority owner, with 57.3 percent of the company's shares belonging to him. In October, his total stake in the company was estimated to be worth around $5.9 billion.
Trump Media and Technology Group is the parent company of Truth Social, Donald Trump's alternative social media platform. Truth Social was set up to be an alternative to X (formerly Twitter) after Trump was banned from the site following his alleged incitement of violence on January 6.
TMTG saw its stock price close at $24.88 per share on the day that Trump returned to Twitter, after Elon Musk unbanned the Republican from the site on freedom of speech grounds. Some estimates now predict that TMTG is now worth more than X, which was recently valued at $9.4 billion.
The shares have also fluctuated according to Trump's coverage in the press, with a particularly large dip occuring in June when Trump was found guilty on 34 counts of falsifying business records related to hush money payments to Stormy Daniels, ahead of the 2016 presidential election, which prompted a 40 percent drop in value.
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Theo Burman
Theo Burman is a Newsweek Live News Reporter based in London, U.K. His focus is on U.S. politics and international ...
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