


The publicly traded social media company owned mostly by former President Donald Trump rallied Tuesday on Wall Street, tacking on half a billion dollars to Trump’s paper net worth in the final trading session ahead of polls closing.
Trump appears at his rally in Grand Rapids, Michigan early Tuesday.
Shares of Trump Media & Technology Group, traded under the ticker $DJT in reference to Trump’s initials, rose 17% to $40 within the first hour minutes of normal trading.
That sent Trump’s fortune up about $610 million by mid morning.
His social media nest egg now accounts for $4.6 billion of his $6.6 billion net worth, making him the 473rd-richest person in the world, according to Forbes’ estimates.
The stock of the Truth Social social media site parent has gained about 120% over the last month.
Trump owns 57.3% of his namesake company, which began trading as an independent firm in March upon the completion of a yearslong reverse merger with Digital World Acquisition Corp., a blank-check company. Experts largely consider Trump Media a meme stock, meaning its share price can fluctuate wildly, with movements often not a reflection of the company’s underlying financial performance like other stocks. The firm’s sales are a fraction of its social media peers, with Trump Media’s $1.6 million in revenue over the first six months of 2024 far smaller than Snap’s $2.4 billion and Reddit’s $520 million over the period. Though Trump Media’s $8 billion market capitalization is less than half of Reddit and Snap’s $20 billion respective valuation, the Truth Social parent trades at an exponentially higher premium than its competitors based on revenue, with its 3,996 price-to-sales ratio dwarfing Reddit’s 20 P/S ratio and Snap’s 4 P/S ratio, a metric which compares a company’s market value to its revenue over its four most recent quarters.
Trump Media’s share price has moved closely in the direction of the betting market’s odds of a Trump victory, a rally viewed as a vote of confidence in Trump to win the election. The stock traded at $16.50 per share a month ago when Trump’s odds on the Polymarket betting platform stood at 49%, and more than doubled as his betting odds climbed to over 60%.