Trump Media & Technology Group Corp. (DJT) is experiencing a rise in its stock price today, driven by a surge in downloads of its social media platform, Truth Social. This increase follows an exclusive announcement strategy by Donald Trump, promising the release of UFO and JFK files on the platform. The anticipation of these high-profile disclosures has sparked significant interest among users and investors alike, with some Reddit users speculating that "$DJT will break $50 easily" due to the heightened attention.
Additionally, discussions on Reddit highlight the speculative nature of the stock, with users debating the potential for a short-term run-up in price. One user noted, "I think there’s a decent chance we have a little run around 9-10am tomorrow," reflecting the sentiment that the stock could see further gains in the immediate future. Despite the skepticism surrounding the company's fundamentals, the stock's meme-like status continues to attract traders looking to capitalize on its volatility.
As of 10:00 am on January 15, DJT's stock price has increased by 3.85% to $40.87, compared to the previous close of $39.35. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 4,755,621 shares, which is 13% of its average daily volume of 36,587,360 shares, indicating a strong start to the trading session.