Trump Media stock soars 50% in a week; Here’s why

Donald Trump Media & Technology Group (NASDAQ: DJT) has been on a tear, with shares rocketing 50% in the past week alone. 

DJT stock closed Thursday, October 10, at $24.12, climbing +3.55 (17.26%) for the day, and continued its ascent in pre-market trading on October 11, reaching $24.88 (+3.15%). 

If you think this rally is just a flash in the pan, think again.

Trump stock price surges

The recent surge has pushed Trump Media stock near the top of its one-month trading range, which spans from $11.75 to $24.50. Volume has surged significantly in the past few days—exactly what investors like to see during a strong upward move. 

While the short-term trend is decidedly bullish, the long-term trajectory remains neutral, with analysts waiting to see if the stock can sustain its momentum.

What’s driving DJT shares higher?

The rally has been anything but ordinary. 

Shares of Truth Social’s parent company hit their highest closing level since August 21, buoyed by a 93% gain from the September 23 low. The catalyst? A combination of political buzz, retail trading fervor, and a high-profile endorsement.

Donald Trump recently held a massive rally in rural Pennsylvania on October 7, where he was nearly the target of an assassination attempt in July. The event took a dramatic turn when Tesla CEO Elon Musk joined Trump on stage and endorsed his candidacy, a move that added fuel to the stock’s climb. 

With traders increasingly viewing DJT as a proxy for Trump’s political fortunes, the endorsement couldn’t have come at a better time.

Donald Trump still holds the cards

Despite recent insider activity, with a major stakeholder offloading nearly all of its 5.5% position after the lock-up period expired, Trump himself remains firmly in control. 

Owning nearly 57% of the company, his stake is currently worth around $2.7 billion, and he’s not planning to sell anytime soon. 

For investors, that’s a strong signal of confidence.

DJT has doubled from its September 24 intraday low of $11.75, but investors could be best waiting for consolidation before making a move, with key support levels at $23.88 and $24.36 worth keeping a close watch on.

Looking ahead, retail investors have been instrumental in driving DJT’s recent rally, and the stock’s future may continue to reflect Trump’s political trajectory. With more than 34 million shares traded in recent days—more than double the 30-day average—Trump Media’s short-term rally may be more than just a passing headline. 

If momentum continues and the political landscape remains favorable, this could be just the beginning for DJT as it eyes new highs.