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Trump Media & Technology Group stock spiked more than 15% Monday after Tesla (TSLA-0.62%) and SpaceX chief Elon Musk appeared next to former President Donald Trump at a campaign rally Saturday.
Shares of the company behind Trump’s right-wing social media platform, Truth Social, traded at $19.01 each Monday afternoon, bringing its market capitalization to $3.81 billion.
The upswing reversed some of the stock’s recent losing streak, which has seen the value of the company’s shares plunge nearly 70% since debuting on the Nasdaq in late March.
The former president held a rally in Butler, Pennsylvania — the site of an assassination attempt against Trump in mid-July. Musk, who has been a vocal supporter of the Republican presidential candidate’s latest bid for the White House, joined Trump onstage at the rally.
Hours after the assassination attempt, Musk publicly endorsed Trump for the first time in a post to his social media platform, X (META+2.58%). At Saturday’s campaign event, Musk said there is “nothing is more important” than voting for Trump, Politico reported.
“President Trump must win to preserve the Constitution. He must win to preserve democracy in America,” Musk said. He repeated claims previously made in a post on X late last month, that if Vice President and Democratic candidate Kamala Harris wins, this will be the “last election.”
If elected, Trump has floated appointing Musk to lead a new government commission that would be dedicated to auditing and recommending changes to improve the efficiency of the federal government. For his part, Musk has said he is “willing to serve” in the former president’s cabinet.
Much of Trump Media’s market performance has been dependent on the company’s connection to its namesake — and has become a proxy for his campaign success and election odds.
Trump Media itself has said in regulatory filings that its “success depends in part on the popularity of its brand and the reputation and popularity” of Trump, and that “adverse reactions to publicity relating to [Trump], or the loss of his services, could adversely affect TMTG’s revenues and results of operations.”
With the election just weeks away, New York Times polls show Harris leading Trump by just a handful of points, including in key battleground states like Pennsylvania and Wisconsin.