Shares of Trump Media & Technology Group, a company founded by former President Donald Trump, saw a significant increase in trading volume and price on Monday. The stock jumped 28% in afternoon trading, with more than 19 million shares changing hands.
The surge in stock price comes amid speculation about the company’s plans and future prospects. Trump Media & Technology Group recently announced that it had hired former Fox News executive Suzanne Scott as CEO, further fueling speculation about the company’s direction.
The company, which was founded with the goal of creating a social media platform to rival giants like Facebook and Twitter, has faced challenges in recent months. Its planned merger with a special purpose acquisition company (SPAC) fell through earlier this year, and it has been criticized for its lack of transparency and financial disclosure.
Despite these challenges, investors seem to be betting on the company’s potential for future growth. The increasing trading volume and stock price indicate that there is significant interest in Trump Media & Technology Group among traders and investors.
It remains to be seen whether Trump Media & Technology Group can successfully launch a competitive social media platform and regain investor confidence. The company’s success will likely depend on its ability to overcome regulatory hurdles, attract users, and generate revenue in a crowded and competitive market.
Overall, the surge in stock price on Monday suggests that there is optimism and excitement surrounding the company, but it also highlights the uncertainty and risks associated with investing in a company with such high-profile leadership and controversial history. Investors will be watching closely to see how Trump Media & Technology Group performs in the coming months.
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