Trump Media & Technology shares went through the roof on Wednesday morning after former President Donald Trump beat his Democratic opponent, Vice President Kamala Harris, in the U.S. election.
Trump’s wealth grew by about $1.5 billion as the stock market went up.
The Associated Press said Trump had won at 5:34 a.m. Eastern time. Following his loss to Vice President Joe Biden in 2020, this is a huge return for Trump. Trump is only the second U.S. President to hold two different terms, the first being Grover Cleveland, who held office from 1885 to 1889 and again from 1893 to 1897.
Trump, who owns most of Trump Media, gave a winning speech earlier today at the West Palm Beach Convention Centre in Florida. “Nobody had ever seen anything like this before,” he said. “Quite frankly, I think this was the greatest political movement of all time.” Trump said, “And now it’s going to become even more important because we’re going to help our country heal.”
He said, “We made history tonight for a reason.”
In pre-market trade, Trump Media & Technology stock DJT -1.16% went up 37.3%. The stock has mostly followed how well Trump did in the polls before the election.
Trump has 114.75 million shares, which is about 57% of all the shares in the company, so he owns most of it. Trump’s share became worth about $1.45 billion more because of the stock’s expected one-day price gain after the election.
The stock’s 52-week high was $79.38, so even with the gains, it is still well below its all-time high.
The company is worth a lot more than what its finances show. Trump Media unexpectedly released its third-quarter numbers after the market closed on election day. The company lost $19.2 million, even though it made $1 million in sales and $4.7 million in interest income. The company did lose money, but not as much as it did during the same time last year. It had no debt and $672.9 million in cash and short-term assets at the end of the third quarter. On Tuesday, it was worth $6.8 billion on the stock market.
FactSet says that Trump personally owns almost 115,000 shares in the company.
On March 26, Trump Media merged with Digital World Acquisition Corp. to become a public company. Since then, the company’s shares have gone up 93.9% in 2024.
