① As the "Trump deal" heats up, the stock price of Trump Media and Technology Group (TMTG), a subsidiary of Trump, has been climbing for over a month However, since this Wednesday, the stock price trend of the company has reversed; ③ This correction has also caused the net assets of the company's major shareholder Trump to shrink by over $1 billion.
As the "Trump deal" heats up, the stock price of Trump Media and Technology Group (TMTG), owned by former US President and Republican presidential candidate Trump, has been climbing for over a month. However, since this Wednesday, the stock price trend of the company has reversed. This correction has also caused the net assets of the company's major shareholder Trump to shrink by over $1 billion.
On Wednesday of this week, the stock price of Trump Media and Technology Group plummeted by 22%, marking the worst day in history and reversing the significant upward trend earlier this week. On Thursday, the stock continued to decline by nearly 12% and was suspended multiple times due to intense volatility during trading.
Nevertheless, the stock price of Trump Media and Technology Group has risen by nearly 120% in the past month, nearly doubling Trump's net worth to $8 billion.
Earlier this week, the value of Trump's media and technology conglomerate soared to over $10 billion, surpassing its biggest competitor, the X platform owned by the world's richest man Elon Musk, whose latest valuation is around $9.4 billion.
The soaring valuation of Trump Media and Technology Group is not based on fundamentals, but on the likelihood of Trump winning the presidential election. As the most typical Trump concept stock, this stock is popular among retail traders and is seen as a speculative bet on Trump's return to the White House.
On the eve of the US election, the balance of victory seems to have tilted towards Trump's side. As Trump's campaign momentum overtakes Hamas, the 'Trump deal' has noticeably heated up over the past month.
It is worth noting that the reason for the sudden drop in stock prices of Trump Media and Technology Group in the past two days is still unclear, as the company has not made any major announcements and there have been no significant changes in recent presidential election polls. Polls continue to show that there is not much difference in support rates between Trump and Harris.
As the election approaches, the stock prices of Trump Media and Technology Group are expected to continue to fluctuate. Analysts point out that the stock is performing like a meme stock, with the characteristic of large and small fluctuations.