Trump Media Stocks Soar 22% Following Madison Square Garden Rally

Trump Media Stocks Surge Following Madison Square Garden Rally

Donald Trump’s media company experienced a significant stock surge following a high-profile campaign rally at Madison Square Garden. Shares of Trump Media & Technology Group, the parent company of Truth Social, soared by as much as 22% in the wake of the event.

The rally, which marked the beginning of the final stretch leading up to November’s election day, drew a large crowd and featured notable speakers, including tech mogul Elon Musk. The event’s success appears to have bolstered investor confidence in Trump-related stocks.

Trump Media & Technology Group’s stock has now climbed approximately 280% from its September low, reaching its highest level since June. This surge comes despite the company’s weak fundamentals, as investors increasingly view the stock as a proxy for Trump’s election chances.

Other stocks linked to the former president also saw gains. Rumble, a conservative video network, experienced a 12% increase during intraday trading. Similarly, Phunware, a software firm involved in Trump’s 2020 campaign, saw its stock rise by 15%.

The rally’s impact extends beyond Trump Media, with the company’s market capitalization now exceeding $9 billion. This valuation comes despite ongoing challenges in achieving profitability, highlighting the influence of investor sentiment on these stocks.

As the election approaches, market observers continue to monitor the performance of Trump-linked stocks as potential indicators of the former president’s political prospects. The recent surge reflects a growing sentiment among some investors that Trump could potentially win the presidency again.

While these stocks remain popular among retail investors, analysts caution that trading is often based more on sentiment than fundamental financial metrics. As the campaign intensifies, the performance of these stocks may continue to fluctuate in response to political developments and public opinion.