Donald Trump’s stock soars after Elon Musk joins Pennsylvania rally

Although it is no secret that Elon Musk supports former United States President Donald Trump in the upcoming elections, the Tesla (NASDAQ: TSLA) CEO’s recent appearance at his Pennsylvania rally seems to have stirred the market’s sentiment regarding Trump Media (NASDAQ: DJT) stock.

Specifically, after Musk recently joined Trump on stage in Butler, Pennsylvania, at the spot where the Republican presidential nominee survived an assassination attempt, the shares of Trump Media & Technology Group soared 2.30% in pre-market, as per data on October 7.

Elon Musk joins Donald Trump on stage

Indeed, the billionaire tech executive made his first appearance at one of Trump’s election campaign rallies while wearing a black cap with the ‘Make America Great Again’ slogan of the former president’s campaign and warned that “this will be the last election” unless Trump wins.

Moreover, he portrayed Trump as the only candidate “to preserve democracy in America,” arguing that Democrats wanted to “take away your freedom of speech, they want to take away your right to bear arms, they want to take away your right to vote, effectively,” and commenting that:

“As you can see, I am not just MAGA – I am Dark MAGA.”

DJT stock price analysis

Meanwhile, the price of Trump Media stock soared to $16.89 in pre-market, up 2.36% from its previous close of $16.17, also recording an increase of 2.04% on the day and a gain of 9.93% across the week while reducing its monthly loss to 8.54% and the year-to-date (YTD) declines to 5.44%.

It is also worth noting that Donald Trump has recently strengthened his lead over his Democratic opponent Kamala Harris in prediction markets, his odds at winning the election climbing to 51% as the cryptocurrency-based predictions platform taking bets in the USDC stablecoin.

All things considered, Musk’s appearance at Trump’s rally not only helped his chances of victory but also the investors in the former president’s company shares, as reflected in their price increase. However, trends in the stock market can easily change, so doing one’s own research is critical when investing.