The Trump Media & Technology Group, which owns Truth Social, saw its value skyrocket this morning after major outlets, including CNN, projected Trump’s election win.
Trading under the ticker “DJT,” Trump Media’s stock spiked by 35% in premarket trading, lifting its market valuation to roughly $9 billion.
Trump, who holds a dominant share in the conservative social media firm, currently owns 114.75 million shares valued at around $5.3 billion based on premarket trading—up from $3.9 billion on Election Day.
These gains are largely on paper, as selling a substantial amount of his shares would likely drive down the price.
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For months, Trump Media has acted as a barometer for traders speculating on election results.
As Trump’s odds slipped, shares hit record lows in September, but from late September through October, the company’s valuation more than tripled.
This sharp rise was fueled by bets on Trump’s potential victory.
Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that Trump Media’s surge was unsurprising.
He called it the “only pure play” for traders banking on a Trump win, adding that a “massive short squeeze” likely accelerated gains.
When prices soar, traders who bet against the stock are forced to repurchase shares, further driving up prices.
“A lot of people got fooled by the Iowa poll,” Tuttle said, referencing a poll that briefly showed Trump trailing.
Despite its inflated valuation, estimated at $9.5 billion, Trump Media generates limited revenue.
Truth Social remains a niche player in the social media landscape, and its third-quarter revenue fell 5%, reaching only $1 million.
Michael Block, COO of AgentSmyth, argued that fundamentals are secondary when a brand like Trump’s is involved.
He noted, “Forget about past bankruptcies.
Focus on the brand’s value now, with Trump positioned as perhaps the most consequential figure of the 21st century.”
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