Trump Media and Technology Group shares jumped 31.67% to $44.69 after Donald Trump declared victory in the presidential election and returned to the White House after a close race with candidate Kamala Harris.

Trump's company's market value was $6.8 billion, at the time of writing.

The company's shares have risen about 120% over the past month on bets on a Trump victory.

Trump owns 57.3% of his eponymous company, and its stock is seen as a meme stock, fluctuating on minor signals with moves that often do not reflect the company's underlying financial performance like other stocks.

The company's revenue was $1.6 million during the first six months of 2024, well below Snap's $2.4 billion and Reddit's $520 million during the period.

The stock price of Trump Media Inc. moved with Trump's victory, influenced by the betting market, which made the stock's rise seen as a vote of confidence in Trump's election victory.

The stock was trading at $16.50 a month ago when Trump's odds on betting platform Polly Market were 49%, and has more than doubled after bets on his victory rose to more than 60%.

Tesla jumps

Shares of Tesla Inc., whose CEO is American billionaire Elon Musk, jumped 14.53% to $287.9, after his support for Trump in winning the US presidency, which included providing money to voters to vote for him.

Last month, Musk pledged to donate $1 million a day until the election to anyone who signed his online petition to support the US Constitution.

Musk already gave a $1 million check to an attendee at an event he held in Pennsylvania to rally supporters behind Republican presidential candidate Donald Trump.

Trump said in September that he would appoint Musk to oversee government spending and implement “radical” reforms if he won the election. Trump said he would establish, at Musk’s suggestion, a government efficiency commission that would conduct a full review of the financial accounts and performance of the entire federal government. He would appoint Tesla’s CEO to head it.

Source: Al Jazeera