Donald Trump’s media stock is experiencing a sensational resurgence, fueled by a revitalized public sentiment that anticipates a victorious return to the Oval Office for the former president.
In this electrifying final leg of the campaign trail, Trump seems to be basking in an aura of momentum. A recent high-profile, marathon three-hour podcast with none other than Joe Rogan was followed by a rousing rally at the iconic Madison Square Garden. There, the former president was flanked by his “Dark MAGA” benefactor, Elon Musk, igniting fervor among supporters.
The shares of Trump Media and Technology Group (TMTG) experienced a striking leap, surging over 11% on a bustling Friday, a clear indicator of bullish sentiment. Monday’s early trading continued this positive trend with an additional 8% increase. Today, shares sit at their loftiest peak since mid-July, placing the modest social media platform on the brink of matching the valuation of Musk’s expansive X platform.
Even the skeptics—those who view the propitious odds for Trump with a discerning brow—are recalibrating their portfolios. Prominent investors, including hedge fund titan Paul Tudor Jones, are acutely aware of the mounting possibilities of a second Trump administration, as reflected in prediction markets like Polymarket.
In a remarkable turnaround, the beleaguered parent company of Truth Social has ballooned in value to a staggering $8.3 billion, a jaw-dropping ascent from its dismal lows in September. This valuation edges dangerously close to the estimated $9.4 billion worth of Musk’s X platform, a lofty feat despite TMTG having posted significant losses in the second quarter and generating revenue on par with just four average Starbucks locations.
Traders speculate that user engagement will skyrocket if Trump’s Truth Social—currently boasting 8 million followers—becomes the go-to platform for his administration’s communications post-election.
Even amidst political flubs—like a comedian’s unfortunately phrased remarks about Puerto Rico as a “floating island of garbage” at the Madison Square Garden rally—the appetite for Trump’s return doesn’t wane.
As his political fortunes rebound, TMTG’s value has swelled nearly a third over the past week alone. Trump’s personal stake in this enterprise, a robust 57%, has similarly ballooned to a valued $4.4 billion.
Political analysts cannot help but relive echoes of 2016, whereby Hillary Clinton’s campaign faltered amidst relentless Trump discourse. Pollster Frank Luntz remarked last week how the once-promising Harris campaign faltered when they shifted their messaging from empowering Americans to instilling dread about a Trump resurgence.
“She had the best 60 days of any presidential candidate in modern history,” Luntz asserted. “The moment she turned anti-Trump and centered her campaign on him—saying ‘Don’t vote for me, vote against him’—that’s when her momentum hit a standstill.”
One glaring example of this misstep has been her controversial decision to invite Liz Cheney, the former Wyoming congresswoman, into her campaign fold—an ally deeply scorned by the Democratic base after her vocal dissent against Trump following the January 6 Capitol insurrection. Cheney’s reputation within the party crumbled, leading to her decisive defeat in the 2022 primary, showcasing the perils of underestimating the loyalty within Trump’s base.
