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Investors in Donald J. Trump’s social media company pushed the company’s share price sharply higher on Wednesday after the former president clinched another term in office.
Trump Media & Technology Group is the parent company of Truth Social, Mr. Trump’s primary online megaphone for reaching his supporters and attacking his political foes.
The company’s shares rose more than 30 percent in premarket trading, and the stock was the most heavily traded in the hours before the official market open. The stock has often set off brief trading halts by stock exchanges, given its extreme volatility.
Mr. Trump owns a 57 percent stake in Trump Media, worth more than $5 billion. Its share price has more than doubled from its low point in September, but remains down from its record $66.22 high shortly after making its Wall Street debut in March.
The stock has traded largely as a proxy for Mr. Trump’s political fortunes, untethered to the company’s performance as a business. On Election Day, the company released its latest quarterly earnings, showing that it continues to struggle as a business.
Last quarter, Trump Media took in about $1 million in revenue, somewhat less than the year ago period, and reported a loss of more than $19 million.
Almost all off Trump Media’s revenue comes from advertising on Truth Social — ads that tend to be related to products associated with Mr. Trump’s name and image. This summer, Trump Media introduced a streaming media service on Truth Social.
In a news release announcing the earnings, the company pointed out the “unique profile” of its 650,000 shareholders, almost all individual investors holding relatively small stakes.
The post Truth Social Stock Surges on Trump Election Victory appeared first on New York Times.
