Stock of Trump-affiliated Media Company Skyrockets Following Public Dispute between President Trump and Elon Musk
Revised Article:
After the sensational spat between President Donald Trump and Elon Musk this past Thursday, things are heating up not just for Tesla, but also for Trump Media & Technology Group (TMTG).
Truth Social's parent company, TMTG, managed to bounce back, with shares surging over 4% — a recovery from the 8% plunge seen the previous day. Tesla, which took a beating, losing over 14% and erasing a whopping $150 billion in market value on the same day, is now also climbing back, up nearly 6%.
The future direction of the Trump-Musk relationship is still hazy, with the two heavyweight figures yet to resolve their public spat, which included a series of personal, political, and other barbs traded on Thursday.
TMTG's shares have been on a downward spiral this year, plummeting by around 40%. Yesterday's dip, which took the stock below the $17 mark — levels last seen in April, brought the shares closer to their price over a month ago when they traded around $21.
Recently, TMTG has been making moves to deepen its connection with cryptocurrency, potentially even investing in Bitcoin.
Need more tea on this? Check out our website for the latest updates.
[Fun Fact: Did you know that TMTG aims to create a corporate Bitcoin treasury by raising approximately $2.5 billion through a private placement offering? This would make it one of the largest Bitcoin treasury deals by a U.S. public company.]
- TMTG's potential investment in Bitcoin is a notable move in the intersection of finance and technology.
- The recovery of TMTG's shares and Tesla's stock may be partially attributed to optimism surrounding crypto investments.
- The ups and downs of TMTG's stock price may reflect the volatile nature of the crypto market.
- The uncertainties of the Trump-Musk relationship could have implications for TMTG's crypto ventures, making general news and politics relevant areas to watch.
