Based on the results of trading on October 8, shares of Trump Media, which manages the created Donald Trump social network Truth, soared almost 19 percent after the US presidential candidate held a campaign rally in Pennsylvania with the participation of the billionaire founder of Tesla and SpaceX Elon Musk. CNBC writes about this with reference to trade data, Day.Az reports with reference to Lenta.ru.
It was the fourth straight trading day the company ended in the green, its longest period of growth since June, and average trading volume quadrupled on Tuesday. However, in absolute terms, the value of shares is almost four times lower than the peak values reached at the end of March – $21.8 versus $79.38.
At the same time, experts note that from the point of view of the state of affairs in the company itself, the shares would rather fall. The fact is that top managers began to flee from it.
COO Andrew Northwall and chief product officer Sandro de Moraes recently left Trump Media. Neither the managers themselves nor the company commented on the reshuffle.
The October 5 rally took place at the same location where Trump was assassinated in July. Musk’s participation was his main event because for the first time one of the richest people in the United States openly supported Trump and said that only he can save democracy, and the United States will end if Democratic candidate Kamala Harris wins.