Shares of Trump Media saw a significant increase of over 14% in midday trading on Monday, leading up to President-elect Donald Trump's upcoming inauguration. The stock, trading under the ticker symbol DJT, is experiencing its best day since November 18, when shares surged by 16.65% after news of the company's discussions to acquire cryptocurrency trading firm Bakkt.
Trump's inauguration festivities are set to begin with a reception on Saturday, followed by a "victory rally" the next day, culminating in his swearing-in for a second nonconsecutive term as president on January 20.
Numerous major tech companies and executives have contributed to Trump's inaugural fund, with notable donations from Google, OpenAI CEO Sam Altman, Meta, Apple CEO Tim Cook, and Amazon.
Despite not holding an executive position in Trump Media, Trump was the largest individual shareholder until transferring his stake to a revocable trust in late 2024. The trust, with Trump Jr. as the sole trustee, now indirectly owns the shares, which have seen a 218% increase since hitting their lowest point in 2021.
Trump Media, the parent company of the Truth Social platform, currently has a market capitalization exceeding $8.7 billion as of Monday afternoon. The stock's recent surge follows a post-lockup period drop in September 2024, during which company insiders were prohibited from selling their shares.
In conclusion, Trump Media's stock performance ahead of Trump's inauguration, along with significant contributions to his inaugural fund from tech industry leaders, reflects a dynamic and evolving relationship between the former president and the business world.