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Trump Media & Technology Group stock has extended its weeks-long rebound, recovering more than $3 billion in market value.
Shares of the company behind former President Donald Trump’s Truth Social closed up almost 7% on Tuesday, ending the trading day at $49.93 per share. That brought its market capitalization back up to $6.83 billion — a recovery from lows that saw the company’s market cap fall below $4 billion in early April.
Trump Media stock took an 8% dip on Wednesday, trading at $45.90 per share. Its market cap fell to $6.28 billion.
Trump Media went public on the Nasdaq under the ticker DJT on March 26, with shares trading as high as $79.38 on its first trading day. By the end of its first trading week, it had a market capitalization of more than $8 billion.
One week later, however, the stock began to free-fall following the disclosures of multi-million dollar losses from operations in 2023, the registered resale of substantially all of its outstanding securities, and the announcement of its own live TV streaming platform.
John Rekenthaler, vice president of research at Morningstar, said last month that the stock has been “abnormally volatile — as volatile as any stock I can ever recall being,” but that Trump being in the news will be “oxygen” to the share price.
Read more: Trump Media’s roller-coaster first month, from ‘meme stock’ highs to bruising lows
The recent turnaround in Trump Media’s stock performance has largely coincided with the former president’s highly publicized ongoing criminal trial in New York over a “hush money” payment to porn star Stormy Daniels prior to the 2016 election. Trump has long denied any wrongdoing and allegations of an affair with Daniels.
The trial started April 15. Trump has used his Truth Social platform to air out his views of the trial, including criticizing the presiding judge and news media coverage of the proceedings.
“TRUTH SOCIAL IS THE REAL VOICE OF AMERICA!!!” Trump wrote in a post on the site Monday.