Trump Media Stock Surges as Elon Musk Backs Trump at Pennsylvania Event

Trump Media & Technology Group Corp DJT stock continued its rally Tuesday after closing higher by over 11% on Monday.

The stock rally marks Republican presidential candidate Donald Trump’s return to Butler, Pennsylvania, the site of his July 13 assassination attempt, for a campaign rally with Tesla Inc TSLA chief Elon Musk, CNBC reports.

In Butler, Musk endorsed Trump, including chanting his political slogan, “Make America Great Again,” during Trump’s 90-minute speech. Musk has been a vocal supporter of the Trump campaign since the July assassination attempt.

Trump retained his majority stock in the Truth Social parent, signaling his conviction in the stock while its co-founders cashed out.

Musk also created a pro-Trump political action committee, America PAC. Trump also promised to form a Musk-proposed government efficiency commission to cut waste throughout the federal government.

Trump Media stock also benefited from the Supreme Court’s refusal to hear a case linked to Trump’s social media account data. The case originated from special counsel Jack Smith’s probe into Trump’s alleged election interference in 2020.

Trump kept attacking the Biden administration with his pro-America policies while reports indicated the Biden government’s inflation and border security policies weighed against his chances.

The Financial Times reported that Trump’s presidential victory and policies, including lower corporate taxes and tariffs on imported goods, could raise the federal debt by $7.5 trillion through 2035.

Conversely, Democratic candidate and VP Kamala Harris’s policies, including tax credits for small businesses and access to affordable childcare and housing, could increase the debt by $3.5 trillion.

Trump Media stock gained 7% in the last five days.

Price Action: DJT stock is up 4.40% at $19.20 premarket at the last check on Tuesday.

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