Trump Media Soars After Madison Square Garden Rally

Shares of Donald Trump's social media company rose as much as 20% Monday morning following the Republican presidential candidate's campaign rally in New York City on Sunday.

Trump media The stock rose above $46.80 a share in the first hour of trading, surpassing its recent peak in mid-July when the company's market value soared after Trump was nearly assassinated at a rally in Pennsylvania.

This rise was followed by a major sell-off that bottomed out in late September when DJT stock fell below $12 per share.

But the Truth Social operator recouped all those losses in October as the election between Trump and Vice President Kamala Harris, the Democratic nominee, entered its final weeks.

During that time, Trump Media launched a separate streaming app, Truth+, and announced the resignation of its chief operating officer.

But analysts have frequently pointed out that Trump Media's multibillion-dollar market value and volatile stock movements have little to do with company news — or with the performance of Truth Social, which generates little revenue and attracts a relatively small audience.

Instead, they view the stock as an outlet for the company's many pro-Trump retail investors to support the former president and as a proxy for betting on his chances of retaking the White House.

Monday's rise in stocks may indicate that these traders are feeling a rush of enthusiasm after Trump's much-publicized rally at Madison Square Garden in Manhattan, which drew thousands of his supporters to the heart of a deep blue metropolis.

“Our dear President @realDonaldTrump packed up MSG for the rally of his life yesterday and TODAY the entire market is UP UP UP!!! $DJT,” a Truth Social user wrote in a Trump Media shareholder group on Monday morning.

Trump Media's recent gains have coincided with a shift in the Republican's favor on political betting sites like Polymarket and Kalshi, even as polls broadly show a neck-and-neck race.

Odds and gambling platforms do not use the same methods as traditional political polls and are therefore not a replacement for political polls.

Critics fear that election betting markets are being manipulated.

Polymarket confirmed last week that a single French citizen had built a massive pro-Trump position in his presidential election bet using four different accounts.

This is developing news. Please check back for updates.