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Trump’s Pre-Inaugural Stock Slump

The value of the president-elect’s media company, which is on track to lose an incredible $363 million this year, has bizarrely skyrocketed before the election and is trading at an absurd 2,770x revenue. Will Elon get his taste via a reverse merger?

donald trump elon musk
DJT is still a meme stock, after all, a vehicle for Trump supporters to put their money behind the president, or for larger investors to curry favor. Photo: Brandon Bell/Getty Images
William D. Cohan
December 5, 2024

Before the election, my bud Scott Galloway, the NYU professor, entrepreneur, and podcaster, was fond of noting that the Trump Media and Technology Group stock was essentially a proxy for Trump’s prospects on November 5. As usual, Scott was right: Between September 24 and October 29, the DJT stock rose a whopping 324 percent, closely mirroring actual political prediction markets, and thus accurately foreshadowed Trump’s decisive victory.