MW 'DJT' and these other Trump-linked stocks continue rally with just over three weeks until the election
By James Rogers
Trump Media & Technology Group is not the only Trump-linked stock that has been lifted recently
With just over three weeks to go until the Nov. 5 presidential election, shares of Trump Media & Technology Group Corp. and other Trump-linked stocks are continuing their recent rallies.
Shares of Trump Media $(DJT)$, which operates the social-media platform Truth Social and is viewed as a Wall Street proxy for Republican nominee Donald Trump's election bid, soared last week following Tesla Inc. $(TSLA)$ Chief Executive Elon Musk's appearance alongside Trump at a Pennsylvania rally. The shares are up 18.5% Monday, putting them on pace to extend their winning streak to three days. The stock is currently up seven of the last eight trading sessions, through Monday.
Related: How 'DJT' became a Trump proxy stock and a 'battleground symbol' in the election
Trump, whose campaign has made immigration a top priority, proposed hiring an additional 10,000 Border Patrol agents during a rally in Prescott Valley, Ariz., on Sunday.
Trump and his Democratic rival, Vice President Kamala Harris, have been targeting battleground states such as Pennsylvania and Arizona as the election approaches. Last week, a Wall Street Journal poll found that the battle for swing states is tied.
Related: This Trump-linked company's stock-sale plan is more than double its market value
Stocktwits, a social-media platform for investors and traders, has seen an increase in activity around Trump Media on its platform. "Other Trump-linked stocks like Phunware and Rumble have also seen an increase in activity over the last month, but no clear view or narrative," Stocktwits told MarketWatch Friday.
Shares of mobile-advertising software company Phunware Inc. $(PHUN)$, which developed and launched a mobile app for the Trump-Pence 2020 re-election campaign, are up 2.6% Monday and also on pace to extend their winning streak to three days. The stock is currently up eight of the last nine trading sessions, through Monday.
Related: This Trump-linked company's stock-sale plan is more than double its market value
Shares of video-sharing and social-media site Rumble Inc. (RUM), which is described by its founder and CEO as "immune to cancel culture," rose 2.7% Monday. The YouTube rival, which is popular with conservatives, is also on pace to extend its winning streak to three days.
Rumble, which has a market cap of $2.1 billion, has attracted investment from billionaire venture capitalist Peter Thiel and from Trump's running mate, Sen. J.D. Vance of Ohio.
Related: Rumble's stock rises after CEO Chris Pavlovski says he won't sell any shares when lock-up period ends
'DJT' shares are up 71.1% in 2024, while Phunware's stock is up 13.2% and Rumble's is up 23.1%. The S&P 500 index SPX is up 22.9% over the same period.
Tomi Kilgore and Bill Peters contributed.
-James Rogers
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October 14, 2024 15:26 ET (19:26 GMT)
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