Trump Media & Technology Group Corp. (DJT, Financial) is experiencing its best weekly performance ever. The company's stock has recently surged, reflecting its status as a "battlefield symbol" ahead of the next month's presidential election, according to investor and trader social platform Stocktwits.
The stock, which operates the social media platform Truth Social, saw a significant rise earlier this week after Tesla (TSLA) CEO Elon Musk appeared alongside Republican presidential candidate Donald Trump at a campaign rally in Butler, Pennsylvania. After ending a four-day rally on Wednesday, DJT bounced back, closing up 17.3% on Thursday and rising another 8.4% on Friday.
Stocktwits noted that in the lead-up to the November 5th U.S. presidential election, DJT has become a symbol for Trump on Wall Street. Many users trade the stock as a way to express their views on the election or on Trump himself, rather than on the business fundamentals. Over the past 30 days, DJT has become the seventh most-viewed stock on Stocktwits, adding 6,000 followers and reaching a total of 92,000, a 7% increase.
DJT has been one of the most actively traded stocks on the platform, with its activity expected to remain high leading up to the election and year-end. The recent rally is attributed to improved technical conditions and increased confidence in Trump's election chances.
As of Friday, the stock was trading around $26.10, aiming for its highest closing price since August 6, 2024, when it closed at $27.11. This week, DJT's stock rose by 61.1%, marking its best weekly performance since the DWAC merger and its best full-calendar-week performance ever. Throughout 2024, DJT's stock has gained 47.3%, outpacing the S&P 500's 21.5% increase.
