Former President Donald Trump’s social media platform Truth Social soared on the stock market on Monday.
Truth Social parent company – Trump Media & Technology Group (DJT) – 15% increase, CNN Business reported Monday afternoon. (Related article: ‘It’s not too far away’: Mark Halperin says women will decide elections)
Truth Social is a three-year-old technology startup.
Its value is $5.4 billion.
If you (venture capitalist) invested $1 million versus $10 million after the seed round, you could earn over $500 million in profit and an IRR of 714%.
This is why VCs should never take over founders based on their political views.
— John Coogan (@johncoogan) October 16, 2024
The stock price has fluctuated significantly since its listing in March. Its value quadrupled in five weeks, then plummeted 41% in the last three trading sessions, CNN Business noted.
Market analysts pointed to Mr. Trump’s recent success with election prediction sites as a potential factor in the stock’s jump. (Related article: ‘Just nervous, nervous, nervous’: CNN’s Van Jones ‘worried’ about Harris’ chances in Pennsylvania)
election betting sites Polymarket As of Monday afternoon, Trump had about a 58% chance of winning Tuesday’s election. But other polls show the race to be close, especially in battleground states.
Trump’s odds are rising again.
🟥 Trump • Probability 57.7%
🟦 Harris • Probability 42.3%Tomorrow is election day. pic.twitter.com/M3Pawmk2Sn
— Polymarket (@Polymarket) November 4, 2024
emerson college public opinion poll The results showed Trump with a one-point lead in Pennsylvania (49% to 48%) and Georgia (50% to 49%), and Harris with a two-point lead in Michigan (50% to 48%). have an advantage. Polls show that Nevada and Wisconsin have the same number of candidates.
Trump’s net worth increased by about $500 million as stock prices soared.
“We’ve never seen anything like this,” said Gene Munster, co-founder and managing partner of venture capital firm Deepwater Asset Management. CNN. “This company’s values are based almost entirely on election results.” (Related: 2020 Final New York Times/Siena College Poll Shows Contradictions, Surprising Changes in Key States)
DJT’s stock price soared more than 200% in October, the New York Post reported. reported.