Driven by enthusiastic retail investors, the stock of former U.S. President Donald Trump's social media startup has continued its remarkable upward trend for the fifth consecutive week. Since hitting a low on September 26, the stock (ticker: DJT) has surged approximately 272%. On one trading day, the stock even climbed 18% to reach its highest level since mid-July.
This surge has been fueled by Trump's rising odds in betting markets, pushing the company's market valuation to around $9 billion. Concurrently, Trump held a major rally at New York's Madison Square Garden, which further increased attention on the stock.
On trading platforms like Stocktwits, DJT has become a trending topic. It is also frequently discussed on Reddit's WallStreetBets, rivaling other retail favorites such as Tesla and Nvidia in mentions. Additionally, Phunware, a software company involved in Trump's 2020 reelection campaign, saw its stock rise by up to 15%. Rumble, a conservative video network, also experienced an 11% increase.
