With a little more than three weeks to go until the election on November 5, Trump Media & Technology Group Corp. shares and other stocks with ties to Trump are continuing to rise.
Shares of Trump Media DJT 18.47%, which runs the social media platform Truth Social and is seen as a Wall Street proxy for Republican nominee Donald Trump’s campaign, went through the roof last week after Elon Musk, CEO of Tesla Inc. and owner of the X social media platform, joined Trump at a rally in Pennsylvania. Monday, the shares are up 18.5%, which means they’re on track to make it three days in a row of gains. So far this week, seven of the last eight trade days have seen the stock go up.
During a gathering in Prescott Valley, Arizona, on Sunday, Trump offered to hire an extra 10,000 Border Patrol agents. His campaign has made immigration a top issue. Democrats have criticised Trump for getting Republicans in Congress to drop a bipartisan border bill that would have added thousands of border agents. They say Trump did this to keep the problem alive as a political wedge.
As the election gets closer, Trump and his Democratic opponent, Vice President Kamala Harris, have been going after key states like Arizona and Pennsylvania. A poll from last week by the Wall Street Journal found that the race for key states is tied.
The number of posts about Trump Media on Stocktwits, a social media site for buyers and traders, has gone up. “Other Trump-linked stocks like Phunware and Rumble have also seen more activity over the last month, but there isn’t a clear story or view,” Stocktwits told MarketWatch on Friday.
Mobile advertising software business Phunware Inc. PHUN 4.21% made and released a mobile app for the Trump-Pence 2020 re-election campaign. Shares of the company are up 2.6% Monday and are on track to make it three days in a row of gains. So far this week, eight of the last nine trade days have seen the stock go up.
Monday, shares of Rumble Inc. RUM 1.48%, a site for sharing videos and socialising that its founder and CEO calls “immune to cancel culture,” went up 2.7%. The YouTube competitor, which is popular with conservatives, is also on track to make it three days in a row of wins.
The market value of Rumble is $2.1 billion, and it has gotten money from wealthy venture capitalist Peter Thiel as well as Sen. J.D. Vance of Ohio, who is Trump’s running mate and whom Thiel helped.
Shares of “DJT” are up 71.1% in 2024. Shares of Phunware are up 13.2%, and shares of Rumble are up 23.1%. In the same time frame, the S&P 500 index SPX 0.77% is up 22.9%.
