Trump’s Social Media Stock Makes an Epic Comeback as Election Nears

As the 2024 U.S. presidential election approaches, stocks tied to Donald Trump are experiencing a dramatic resurgence.

 

Trump Media & Technology Group, the parent company of the social media platform Truth Social, has witnessed a stunning 150% surge in its stock price in the past three weeks. This remarkable recovery comes after the stock hit a record low in late September, leaving many to speculate how the election could impact social media investments.

 

The sharp rise in Trump Truth Social stock has been driven largely by the shifting odds in Trump’s favor for the upcoming election. Recent polls and betting markets indicate a closer race for the White House, prompting investors to speculate on the potential impact of a Trump victory.

 

The stock price of Trump Media, often viewed as a “meme stock,” has become a proxy for election sentiment, with traders betting on Trump’s return to office. According to Matthew Tuttle, CEO of Tuttle Capital Management, “If Trump gets elected, this stock has the potential to do something big. If not, it could go to zero.”

 

This isn’t the first time political uncertainty has influenced stock movements. Similar patterns were seen in 2016 when social media platforms tied to political figures experienced significant market volatility. However, experts warn that such stocks are highly speculative and should be approached with caution.

 

Jay Ritter, a finance professor at the University of Florida, highlighted that “meme stocks thrive on attention,” with the current surge in Trump Media’s value reflecting both market speculation and media focus on the election.

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