Trump Media & Technology Group (NASDAQ:DJT) stock is on track for its third consecutive day in the green ahead of the first debate of the election. Indeed, DJT stock is up more than 8% as of this writing, with the first debate between President Joe Biden and former President Trump set for this Thursday, June 27.
What do you need to know about DJT stock ahead of the crucial debate?
Well, it appears DJT’s recent climb has still been mostly attributable to a new influx of cash stemming from its recently approved stock registration. Indeed, the company expects to receive almost $70 million in proceeds stemming from the exercise of stock warrants. The company could receive as much as $247 million in proceeds depending on the number of warrants exercised.
This rally first began last Friday but enjoyed its largest jump on Monday, when shares soared 21%. This marked DJT’s largest percent rise in several months and its second-largest uptick since its merger with special purpose acquisition company (SPAC) Digital World Acquisition.
Including today, DJT stock is up about 34% since the start of its rally on Friday.
DJT Stock Continues Rally Ahead of Crucial First Debate
The presidential debate remains a major point of focus. Unlike in the past, the debate won’t feature a live studio audience. What’s more, as Barron’s notes, microphones will be muted when it’s not a candidate’s turn to answer a question.
With today’s rally, DJT stock is up a staggering 108% year-to-date (YTD), far outpacing the S&P 500, which is up about 15% YTD. Despite this, at last month’s quarterly earnings report, Trump Media announced a net loss of $327 million on revenue of just $770,500.
Trump himself remains the single-largest owner of DJT, with about 114.7 million shares in his portfolio, or about 65% of the company. That said, Trump can’t sell any shares until the conclusion of the company’s SPAC merger lock-up period in late September.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
