Trump Media In Spotlight As Expert Signals Fans Could Treat Buying DJT Stock As 2024 Campaign 'Contribution' (CORRECTED)
Editor’s note: This story has been corrected to reflect JJ Kinahan’s current job titles.
JJ Kinahan, CEO of IG North America and president of tastytrade, has suggested that nearly half of the U.S. voted for Donald Trump. Hence, people will be interested in buying Trump Media & Technology (NASDAQ:DJT) stock.
What Happened: The market strategist noted that the interest in Trump Media stock stems from the belief that the investment could contribute to Trump’s potential re-election campaign.
He shared this insight during the Wednesday edition of CNBC’s “Last Call.” Kinahan highlighted the unique situation of Trump Media & Technology stock, which has been gaining attention amid the broader meme stock frenzy.
He said, “Almost 50% of the country voted for him. Because of that, there are going to be people who are going to buy this stock. They see it almost as a contribution to him running for president again.”
Why It Matters: The performance of DJT stock has been volatile, with a sharp decline reported just one week after its surge. This comes amid broader market scrutiny and reports of the company receiving emergency loans from a Russian-American businessman under federal investigation.
Further controversy surrounds DJT, as Mary Trump commented on her uncle’s willingness to conduct business with anyone following revelations of the company’s financial backing.
Moreover, legal issues have also surfaced, with reports of insider trading linked to DJT’s public debut. Two brothers have confessed to profiting illegally from insider information, a scandal that could tarnish the company’s reputation. The case underscores the risks associated with the stock, as noted by an attorney who warned of prison sentences.
As of Wednesday, Trump Media & Technology Group’s stock closed at $48.81, marking a 5.41% decrease. as per Benzinga Pro. The day’s trading volume was 5,777,365, with the stock hitting a high of $52.75 and a low of $48.05.
Photo by Jonah Elkowitz on Shutterstock
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