Trump Media & Technology Group Corp. (NASDAQ:DJT) shares climbed in premarket trading on Monday following their 12% pullback last week when they retreated along with the broader market.
The stock, often criticized by some analysts as a “meme” due to the company’s weak fundamentals, may have gained some backing from the results of a recent New York Times/Siena College poll. The poll results published on Sunday showed that Republican candidate Donald Trump, who owns TMTG, was marginally ahead of his Democratic rival Kamala Harris and these findings went against most recent polls, which give the vice president a slight edge.
TMTG owns the Truth Social media platform.
Trump and Harris would face off in a presidential debate on Tuesday and political commentators expect a clear leader to emerge after the debate.
Trump has a majority 64.9% stake in TMTG, thanks to the 114.7 million shares he owns in the company, according to filings by the company. The company went public on March 26 following the consummation of its long-delayed merger with the SPAC, Digital World Acquisition Corp.
The potential broader market strength, as suggested by futures trading, could also prop the stock on Monday.
The stock will likely see some volatility ahead as the lock-up period for shares held by insiders, including Trump, is set to expire as soon as Sept. 19.
In premarket trading, the stock rose 7.31% to $18.35, according to Benzinga Pro data.
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