Trump Media stock surges a whopping 37% on Donald Trump's election victory

Rocio Fabbro
·2-min read
Photo: Scott Olson (Getty Images)
Photo: Scott Olson (Getty Images)

Trump Media and Technology Group stock rose 24% at market open Wednesday after Republican nominee — and the company’s co-founder — Donald Trump won a second presidency.

Shares of Trump Media, the company that owns Trump’s social media site Truth Social, opened at $42.19 apiece, after closing down 1.16% Tuesday at $33.94 each, before voting results began to roll in. Shares spiked nearly 40% in pre-market trading.

The Associated Press called the race for Trump shortly after 5:30 a.m. on Wednesday after declaring him the winner of Wisconsin, the latest in a string of swing states to go his way Tuesday night and into Wednesday morning. Trump had been declared the winner of the critical battleground state of Pennsylvania. few hours earlier.

In the weeks leading up to Election Day, DJT stock saw all kinds of volatility: It sunk by double digits last week as polls showed Democratic nominee Kamala Harris gaining ground in a number of battleground states, and then pared back those losses early this week in a renewed bout of “pre-election euphoria.”

The stock had become something of a proxy for Trump’s election odds, and a way for fans and followers to buy into the now president-elect.

Futures markets have also risen on news of Trump’s victory. Dow futures surged more than 1,315 points, S&P 500 futures rose 2.15%, and Nasdaq futures climbed 1.53%.

Bitcoin hit a new all-time high Tuesday night when it started to look like the election was heading Trump’s way. The popular cryptocurrency was up 7% Wednesday morning, priced at $74,400.

Shares of Tesla (TSLA), the electric vehicle company helmed by Elon Musk, a vocal Trump supporter who joined him on the campaign trail in recent weeks, rose 13%.

A second Trump presidency is expected to continue to benefit oil and gas stocks, as well as cryptocurrency, defense, and bank stocks, though his tariffs may shave off some of the benefits his administration brings. Private prison operators would also benefit from his proposed deportation program.

—William Gavin contributed to this article.

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