Trump Media & Technology Group Corp (NASDAQ:DJT) experienced a notable surge in its stock price, rising by 10.24% during pre-market trading on Tuesday. This uptick follows a campaign rally by Donald Trump in New York City. The stock had previously closed 21.59% higher at $47.36 on Monday, as per Benzinga Pro.
What Happened: The rally was held at Madison Square Garden on Sunday, where Trump aimed to challenge Democratic candidate Kamala Harris. Despite New York's historical leaning towards Democratic presidential candidates, Trump attempted to win over voters with his message.
According to Reuters, the event began with controversial statements from Trump's allies. Trump focused on his strategies to curb illegal immigration and deport migrants. The rally included a diverse group of speakers, such as former pro wrestler Hulk Hogan, ex-New York City Mayor Rudy Giuliani, and Trump's sons Eric and Don Jr.
Why It Matters: The recent surge in Trump Media & Technology Group's stock highlights its unique position as a political proxy on Wall Street. Despite lacking strong financial fundamentals, the stock continues to rally, driven by Trump's stake in the company and his commitment not to sell shares.
The company, which owns the social media platform "Truth Social," has limited revenue streams and market presence. However, the stock's performance reflects the influence of political events and Trump's ongoing engagement with his base.
The election is expected to be a tight race between Trump and Harris. While election polls suggest a close contest, prediction markets are currently favoring Trump to win.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
