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Trump Media shares soar after Elon Musk’s rally
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Trump Media shares soar after Elon Musk’s rally

What a busy life Donald Trump has! One day he experiences an assassination attempt, the next day - success, or, for example, a rally with Elon Musk, the head of Tesla and SpaceX. The latest event led to an unprecedented surge in Trump Media's stock. Experts note that the shares skyrocketed by 19%.
The rally took place in the United States on October 5. It was held at the same location where an attempt on Trump’s life occurred back in July 2024. Elon Musk’s participation was the key highlight of the event, marking the first time one of America’s richest openly supported the Republican. According to Musk, only Trump can save democracy, and if Kamala Harris wins, it will be the end of America.
Following this, on October 8, Trump Media’s stock, part of Trump’s managed fund, jumped by nearly 19%. The explosive growth was driven by the campaign rally in Pennsylvania, where the US presidential candidate appeared alongside Musk.
This marked the fourth consecutive trading day that Trump Media finished in the green. As a result, the company’s shares saw their longest growth streak since June 2024. However, in absolute terms, the stock price ($21.8) remains almost four times lower than the peak value of $79.38 reached in late March.
Nevertheless, analysts warn that the stock may continue to decline. A negative factor for the company has been a series of top management departures. Recently, Trump Media lost its COO Andrew Northwall, and Chief Product Officer Sandro de Moraes. Neither the management nor the company's leadership has commented on the situation.
Published 14 October 2024
© InstaFintech Group
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