Shares of Trump Media & Technology Group (DJT) rose in premarket trading on Monday, rising as much as 7% after shares rose 15% on Friday following news that Donald Trump would not sell his shares in the company.
Trump, who made the announcement on his Truth Social account Friday afternoon, has a roughly 60% stake in DJT, Truth Social’s parent company.
At Friday’s closing price of about $32 per share, Trump Media has a market capitalization of about $7 billion, giving the newly elected president a share of about $4.2 billion.
The company’s shares have been on a wild ride since Trump emerged victorious over Kamala Harris in the presidential election, swinging between highs and lows.
In September, shares in Trump Media traded at their lowest levels since the company’s debut, following the expiration of the much-discussed lock-up period. Stocks eventually recovered from their lows as both domestic and foreign betting markets began to shift in favor of a Trump victory.
Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now X, following the Capitol riots of January 6, 2021. Trump has since been reinstated on those platforms. He officially returned to his post at X in mid-August, after a hiatus of about a year.
While Truth Social looks to take on social media incumbents, the company’s fundamentals have long been in question.
On Tuesday, just hours before election polls closed, DJT dropped its third-quarter results, showing a net loss of $19.25 million for the quarter ending September 30. This was smaller than the $26.03 million the company reported in the year-ago period. .
DJT also reported revenue of $1.01 million, a slight year-over-year decline compared to the $1.07 million it reported in the third quarter of 2023. Over the past nine months ended September 30, revenue is down 23% compared to compared to the previous year. period.
Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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