Trump's 'DJT' stock adds to gains to turn in strong performance for the past week

By Steve Gelsi

Trump Media & Technology's stock is up for the week but still down for the month of September

Trump Media & Technology Group Corp.'s stock rose Monday to bring its total gain for the past week up to nearly 30%, but it still remains in negative territory for September as the month ends.

Trump Media shares (DJT) rose more than 6% to $15.70 on Monday, bringing their gain in the past week to more than 29%.

The stock remains down for the month, however, with a 19% drop for September.

As the parent company of Republican presidential candidate Donald Trump's Truth Social network, Trump Media & Technology on Sept. 23 saw its shares hit their lowest levels since the company went public in March through a merger with a special purpose acquisition company.

There was speculation about insiders potentially selling shares and diluting the share price after a post-initial public offering lockup period ended on Sept. 20. So far, only one big inside shareholder has reduced their ownership stake in the company's stock, while Trump has said he has no plans to sell.

Also read: Former 'Apprentice' contestant reduces their stake in Trump Media & Technology

Trump Media's stock tends to trade on whether investors think the former president is doing well or poorly in the polls as he seeks to win a second presidential term against the Democratic challenger, Vice President Kamala Harris.

The stock rose after Trump's performance in the first presidential debate with President Joe Biden but has been moving lower since Harris entered the race.

With recent polls showing the race being too close to call in many states, the stock has been on the rebound after hitting a closing low of $12.15 a share on Sept. 23.

-Steve Gelsi

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09-30-24 1424ET

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