On Monday, DJT, the Media & Technology Group Corp owned primarily by former President Donald Trump, experienced a 21% surge in its shares. The stock closed at $33.52, up from $27 on Friday after weeks of losses following Trump’s guilty verdict on 34 felony counts related to falsifying business records. Despite concerns about stock dilution after the SEC approved the registration of additional shares last week, DJT announced that it expected to generate over $69.4 million from warrants exercised on Thursday and Friday, providing some hope for investors. Short sellers have faced significant losses so far this year, totaling about $178 million in mark-to-market losses.
Meanwhile, news emerged that Trump is in talks to speak at the upcoming Bitcoin 2024 convention in Nashville at the end of July. This appearance would underscore his support for cryptocurrency, which contrasts President Biden’s more cautious stance on digital currency. The convention, organized by Bitcoin Magazine, will feature other prominent speakers like Robert F. Kennedy Jr., Vivek Ramaswamy, and Tennessee Senators Bill Hagerty and Marsha Blackburn.
Trump’s pro-crypto stance has attracted support from wealthy crypto investors backing his campaign, leading to a 164% increase in TMTG stock over the last 12 months. DJT shares traded higher by 8.32% to $36.31 premarket at the last check on Tuesday. It is worth noting that this content was partially generated with AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock