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Shares of Trump Media jumped more than 21% in midday trading Monday, ahead of President-elect Donald Trump’s inauguration next week.
The stock, which trades under the DJT ticker, is now on pace for its best day since Nov. 18, when shares surged 16.65% following news that the company was in “advanced talks” to buy cryptocurrency trading firm Bakkt.
Trump’s inaugural celebrations will begin with a reception on Saturday, followed the next day by more festivities and a “victory rally.” Trump will be sworn in for a second nonconsecutive term in the White House on Jan. 20.
A slew of major tech companies and executives have donated to Trump’s inaugural fund ahead of the big day, including $1 million each from Google, OpenAI CEO Sam Altman and Meta, as well as reported contributions from Apple CEO Tim Cook and from Amazon.
Although Trump has not held an executive position in Trump Media, the president-elect had been the largest individual shareholder in the company before he transferred his entire stake late last year to a revocable trust of which he is the sole beneficiary.
Trump did not receive any money for the transfer, but he now “indirectly” owns the shares, and the trust’s lone trustee, his son Donald Trump Jr., has sole voting and investment power over the shares.
The social media company, which owns the Truth Social platform, had a market capitalization of more than $9.2 billion as of 3 p.m. ET on Monday.
The stock is up 252% since Sept. 23, when shares hit their lowest point since 2021, days after the end of a “lockup” period that barred company insiders from selling their stakes.