Trump Media & Technology Group (TMTG) has been on a tear in recent weeks, as the president’s company has begun touting increasing fundamental strengths beyond its association with the president.
The stock closed at $26.14 on Friday, up 57 percent from this month’s low of $16.66 on April 8.
Newsweek has reached out to TMTG for comment by email outside of regular office hours.
Why It Matters
TMTG has typically been viewed as a meme stock, its price largely predicated on the popularity or political momentum of President Donald Trump, who owns a controlling stake in the company and is the most notable user of its social media platform Truth Social.
However, despite the president’s own popularity declining in recent weeks, TMTG’s shares have continued to outperform the wider stock market, coinciding with the announcement of ventures into the world of financial services and cryptocurrency, pointing to a potential strengthening of its independent business fundamentals.
What To Know
The stock rallied in the months between Trump’s victory in the 2024 presidential election and the days leading up to his inauguration, closing at $42.91 on January 13. At the start of April, it was down to $20.26 and would further decrease.
But the stock’s gradual decline eventually stopped and it began to recoup value as the company announced a number of changes to its business offerings, including new strategic partnerships and business ventures.
On April 9, TMTG expanded the Truth+ TV streaming app to Canada and Mexico, following its U.S. launch in October.
On April 15, TMTG said it had created a strategic partnership with Yorkville America Equities—described by the company as an “America-First asset management firm”—and broker-dealer Index Technologies Group to launch a tranche of Separately Managed Accounts (SMAs), individually owned and professionally managed investment portfolios.
President Donald Trump arrives on Marine One at the White House, Sunday, April 27, 2025, in Washington.
Manuel Balce Ceneta/AP Photo
This foray into the financial services sector was further developed last week, when the company said it would be partnering with cryptocurrency trading platform Crypto.com and Yorkville America Digital to launch a series of exchange-traded funds (ETFs).
TMTG said the ETFs would comprise both digital assets as well as conventional securities with a “Made in America focus,” and would launch through its fintech brand Truth.Fi later in the year pending regulatory approval from the Securities and Exchange Commission (SEC).
What People Are Saying
Jay R. Ritter, emeritus professor at Florida University’s Warrington College of Business, told Newsweek that TMTG’s recent rise was due to the “pivot into financial services,” which has been in the works since the end of January.
“So much of the news justifying the April stock price run-up is old news,” Ritter said. “But with meme stocks, price rises are frequently reinforcing, with the attention created by price rises and momentum trading pulling in additional buyers. As a result, meme stocks tend to have sharp rises followed by slow declines.”
On the potential impact of Trump’s popularity on the stock’s performance, he added: “With most voters/investors having strong views, either positive or negative, about the Trump administration, DJT stock is not heavily affected by the political popularity polls. Instead, the stock is affected by attention on the company, and now it is also affected by the cryptocurrency market.”
TMTG CEO Devin Nunes described the April 22 partnership on ETFs as “a major step forward in diversifying TMTG into financial services and digital assets.
“We’re gratified to work with great partners, Crypto.com and Yorkville America Digital, and look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth,” he added.
Democratic Senator Elizabeth Warren, in a letter to SEC Chairman Paul Atkins and seen by Reuters, said that all commission decisions regarding TMTG should be “carefully managed to ensure that they are free from undue political interference and influence from the President and his administration.”
Matthew Tuttle, CEO of Tuttle Capital Management, credited the rise to TMTG’s recent “pivot into financial services and specifically crypto, which is the hottest asset class at the moment.” However, he added that for the stock to shed its “meme stock” status, the company would need to successfully execute on these ventures.
Tuttle said that the stock had, in the longer term, been buoyed by support for Trump himself, telling Newsweek: “Trump supporters are raving fans, and having his name on the company doesn’t hurt. You see the impact on the demand for something like Trump Coin.”
What Happens Next?
In its announcement last Tuesday, TMTG provided no timeline for regulatory approval of the ETFs nor a projected launch date.