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Shares of President-elect Donald Trump’s media stock experienced its largest jump since October on Monday, exactly one week before inauguration.
Trump Media & Technology Group Corp., whose stock ticker is the incoming president’s initials DJT, saw a more than 21 percent jump from opening to closing – a potential sign of positive anticipation for Trump to retake the White House.
It was the largest single-day jump since October 28 after Trump’s rally at Madison Square Garden in New York City.
On Tuesday morning, the stock was down seven percent but still up from the last two months.
Trump’s social media company owns the platform Truth Social. It currently has a market capitalization of more than $9.3 billion, according to CNBC.
Trump does not hold an executive position in Trump Media but was the largest individual shareholder, with roughly 115 million shares, until he transferred his stake to a revocable trust controlled by his eldest son, Donald Trump Jr.
Trump still “indirectly” owns the shares as the trust’s beneficiary but Trump Jr. has sole voting and investment power over the trust.
It is the same decision Trump made in 2017 when he transferred some of his assets and business holdings into the same revocable trust before taking office.
Trump was criticized, then, for using the revocable trust controlled by his son because some felt it did not fully address potential conflicts of interest as he served as president. He will likely face similar criticisms this time around.
The jump in DJT shares arrives just days before Trump’s inauguration celebrations begin in Washington D.C. The president-elect is expected to host a reception with fireworks on Saturday as he prepares to take the oath of office, again, on January 20.
As Americans prepare for Trump to take office, again, there is a distinguishable difference in how the public feels about the businessman-turned-politician. In 2017, Trump faced low approval and expectations but now, for the first time in years, the public has a more favorable opinion of the president-elect.
