On Wednesday, following the presidential election, Donald Trump saw a significant increase in his wealth, growing more than $1 billion richer. This surge in wealth was attributed to the spike in Trump Media's stock, trading under the ticker symbol 'DJT,' which rose by 35% in premarket trading, reaching a market value of approximately $9 billion.
As the dominant shareholder in the conservative social media company, Trump holds 114.75 million shares, valued at around $5.3 billion based on premarket trading. This marked a substantial increase from the $3.9 billion valuation on Election Day. However, it is important to note that these gains are currently on paper, and selling a significant portion of these shares could potentially impact the stock price negatively.
Trump Media's stock performance has been closely linked to market sentiments surrounding the election. In the lead-up to the election, as Trump's odds of winning appeared to decline, the company's share price hit record lows in September. Nevertheless, between September 23 and the end of October, Trump Media experienced a remarkable turnaround, with its value more than tripling. This surge was largely driven by investor optimism and bets on Trump emerging victorious in the presidential race.
