Topline
Donald Trump’s election victory sent shares in Trump Media & Technology Group soaring on Wednesday, a market shift that added nearly $300 million to Trump’s fortune as he secured his second presidency.
Key Facts
Shares of Trump Media increased by nearly 8% to just under $37 as of around 11 a.m. EST, following an earlier surge in premarket trading that sent the stock above $40.
The value of Trump’s roughly 57% stake in Trump Media—totaling 114.75 million shares—increased by roughly $290 million to $4.1 billion.
Positive trading follows a volatile session Tuesday, during which the stock rose by as much as $18.6% to $40.74 before turning negative—causing trading in Trump Media to be briefly halted—and ending the day down 1%.
The company reported a loss of $19.2 million during its third quarter, in addition to revenue declining by 5.6% year-over-year.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Big Number
119%. That’s how much Trump Media’s shares increased in October, which featured a series of trading sessions in which the stock jumped by more than 15%. The stock reached as high as $54.68 during the month, hitting its highest level since June 5.
Forbes Valuation
Trump’s net worth is valued at $6.3 billion, according to our latest estimates. His fortune has fluctuated in recent months amid volatile trading in Trump Media and briefly eclipsed $8 billion for the first time since the company went public in March.
Key Background
Trump Media’s stock has appeared to shift with Trump’s presidential campaign since going public through a reverse merger earlier this year. The stock reached a near $10 billion valuation in May and subsequently plummeted below $11, threatening to prevent Trump Media’s largest shareholders from selling their stakes, including Trump. Shares have surged and fallen throughout his campaign, including a jump after he debated President Joe Biden and a 10% decline after debating Harris. The stock has surged in trading in recent weeks, as election betting markets tilted heavily in favor of Trump, though trading has also been halted multiple times amid volatile trading.
Read the full article here
