What's Going On With Trump Media & Technology Group Stock On Tuesday?

Zinger Key Points
  • Trump Media shares surged 21% to $33.52 after significant losses.
  • SEC approval of additional shares raised dilution concerns last week.
  • Trump to speak at Bitcoin 2024, supporting cryptocurrency.

Trump Media & Technology Group Corp DJT saw its shares surge more than 21% on Monday as the company, primarily owned by former President Donald Trump, attempted to recover from a significant decline.

The stock closed at $33.52, up from just over $27 on Friday, following weeks of losses since Trump was found guilty of 34 felony counts related to falsifying business records.

Last week, the company’s stock dropped further after the SEC approved the registration of additional shares, raising concerns about stock dilution.

On Friday, the company announced it expected to generate over $69.4 million from warrants exercised on Thursday and Friday. However, the stock is the most expensive to borrow in the U.S., and short sellers have faced significant losses, totaling about $178 million in year-to-date mark-to-market losses, including $32 million from Monday’s surge.

Meanwhile, Trump is in discussions to speak at the upcoming Bitcoin BTC/USD 2024 convention in Nashville at the end of July. The appearance would mark another notable event in which Trump emphasizes his support for cryptocurrency, contrasting President Biden’s more reserved stance on digital currency, Axios reports.

Bitcoin 2024, organized by Bitcoin Magazine, is scheduled for July 25-27, just a week after the Republican National Convention.

This year, alongside Trump, other notable speakers include Independent candidate Robert F. Kennedy Jr., former GOP candidate Vivek Ramaswamy, and Tennessee Senators Bill Hagerty and Marsha Blackburn.

Trump’s pro-crypto stance has garnered him support from wealthy crypto investors backing his campaign.

TMTG stock gained 164% in the last 12 months.

Price Action: DJT shares traded higher by 8.32% to $36.31 premarket at the last check on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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