There is media speculation that Elon Musk might buy Trump Media & Technology Group (DJT) and absorb the social media company into X (formerly Twitter).
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The New York Post is reporting that people within Donald Trump’s business and political camps think there’s a chance that Musk will acquire Trump Media, which operates the Truth Social platform that is a clone of X that Musk already owns.
Trump, the former U.S. president who is running for re-election, owns 56% of the social media company that is named after him and whose ticker symbol is his initials. The former president has said repeatedly that he has no plans to sell his stake in Trump Media. But the Post is quoting unnamed sources saying that a combination with X would make sense.
Stumping for Trump
Rumors that Elon Musk might eventually buy Trump Media come as the world’s richest person and CEO of Tesla (TSLA) stumps on the campaign trail for Donald Trump. In recent weeks, Musk has appeared at election campaign events alongside Trump and donated more than $100 million to his re-election bid.
DJT stock has been on a wild ride in recent weeks, rising and falling alongside Trump’s poll numbers. Between October 1 and November 1, the stock rose 89%. However, the share price has crashed nearly 30% over the past week as the November 5 election date draws near.
Is DJT Stock a Buy?
No analysts offer ratings or price targets on the stock of Trump Media & Technology Group. Instead, we’ll look at the three-month performance of its share price. As one can see in the chart below, DJT stock has gained about 5% over the past three months. As mentioned, the share price is extremely volatile, especially during the current election cycle.
