NEW YORK, Nigeria — Shares of Trump Media & Technology Group soared on Monday, closing up 11.45% at $18.39 per share, following a high-profile campaign rally featuring former President Donald Trump and Tesla CEO Elon Musk in Butler, Pennsylvania.
The media company, which operates Truth Social, saw a surge in trading volume, boosting its market capitalization to approximately $3.68 billion by the close of trading.
The rally marked Trump’s return to Butler, the site of a failed assassination attempt on July 13.
Musk, who joined Trump on stage midway through his 90-minute speech, reiterated his support for Trump’s 2024 presidential bid.
Musk first endorsed Trump following the assassination attempt and has since become a prominent supporter of the campaign.
“This is no ordinary election,” Musk said at the rally. “President Trump must win to preserve the Constitution. He must win to preserve democracy in America.”
Musk also referred to himself as “Dark MAGA,” further solidifying his alignment with the pro-Trump movement.
A Key Endorsement
Musk’s endorsement has played a significant role in bolstering Trump’s campaign, and the Tesla CEO’s involvement has gone beyond rhetoric.
Musk created America PAC, a pro-Trump political action committee that came under investigation earlier this year following voter data complaints.
The investigation was closed without any action taken against the PAC.
Trump, for his part, has pledged to create a government efficiency commission, an idea Musk proposed, should he win the presidency.
The former president has indicated that Musk would likely lead the commission, which aims to audit and reduce waste within the federal government.
Trump Media’s Stock Performance
Trump Media’s stock has had a turbulent year, with shares down 54.68% since a spike in July after the failed assassination attempt.
The stock hit a 52-week low on September 23, but recent developments, including Musk’s rally appearance, have helped shares begin to recover.
Despite the rally in stock price, Trump Media has faced internal challenges.
The company revealed in a regulatory filing last week that Chief Operating Officer Andrew Northwall resigned in late September, adding to a string of reported executive departures.
In the same filing, the company announced that it would release nearly 800,000 shares to an early investor by court order.
The ruling came after a Delaware judge found that Trump Media had breached its agreement with the investor.
The Road Ahead
According to the company’s regulatory filings, Trump Media’s future success remains closely tied to Trump’s popularity and his continued use of Truth Social.
Trump holds a nearly 57% stake in the company, and fluctuations in his political fortunes have direct consequences for the media firm’s valuation.
