US: Markets Rise After Election, Trump Media Spikes Before Dropping
The value of shares in Trump Media & Technology, which trades under the ticker symbol of DJT, on Wednesday spiked 35% at the opening bell one day after Pres.-elect Donald Trump defeated Vice Pres. Kamala Harris in the US presidential election....
Facts
- The value of shares in Trump Media & Technology, which trades under the ticker symbol of DJT, on Wednesday spiked 35% at the opening bell one day after Pres.-elect Donald Trump defeated Vice Pres. Kamala Harris in the US presidential election.[1][2]
- After the initial spike, which increased the company's market value to $9B, the stock cooled before closing approximately 5.9% higher than Wednesday morning at $35.96. The change left Trump's shares with a value on paper of $4.2B.[1][3]
- Trading of stock in the parent company of Truth Social reportedly had to be stopped three times because of volatility. Prior to the election, its share value had been in decline for three days up to Monday, before rising by 12%.[4]
- This comes one day after Trump Media announced it lost $19.2M in the last quarter, with much of the losses attributed to $12.1M in legal fees and a decline in revenue. The company reported $1M in revenue for the quarter, as well as $4.7M in income from interest.[5]
- Trump Media wasn't the only stock enjoying a post-election boost, as the Dow Jones Industrial average increased by 1.5K points. S&P futures were up 2.5%, while Bitcoin prices rose almost 8%, reaching a record exceeding $76K, before dropping slightly.[6][7]
Sources: [1]CNN, [2]FOX News (a), [3]Wsj, [4]USA Today, [5]Tmtgcorp, [6]CBS and [7]FOX News (b).
Narratives
- Republican narrative, as provided by The Western Journal. The return of Trump to the White House is going to propel the US into a new golden age, and this surge in stocks is just the beginning. Trump's a vocal proponent of cryptocurrency and the US will reliably be a leader in that realm under his presidency. America is looking forward to a safe, prosperous future.
- Democratic narrative, as provided by The New Republic. The billionaires and crypto companies are getting a return on their investment, after spending hundreds of millions to boost Trump. They're looking forward to Trump's deregulatory policies that will do nothing to benefit average Americans. With Trump's election victory already being reflected in a stock price jump, it's obvious the era of grifting is back.
