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Rumor has it again! Musk to acquire Trump Media & Technology Group (DJT.US)

AInvestFriday, Nov 1, 2024 10:10 pm ET
1min read

There have been persistent rumours that one of Trump's biggest supporters, billionaire Elon Musk, may buy his social media company, Trump Media & Technology Group (DJT.US), from the Republican presidential candidate.

According to a report on Friday, people inside Trump's campaign have been "speculating" for weeks that his social media platform would be swallowed up by Musk and his social media platform X at some point.

"But there were certainly whispers around Trump Tower, including people hanging out at Mar-a-Lago, that Musk was looking at some sort of merger between Trump Media & Technology Group and X," the report said.

The author of the report could not confirm the speculation.

It was reported earlier this year that Trump had asked Musk in March if he was interested in buying Trump Media & Technology Group.

But in September, Trump said in an interview that he would not sell his shares in the company because its parent company's stock had performed poorly after his debate with Democratic presidential candidate Kamala Harris.

United Atlantic Ventures, which owns 7.525 million shares (5.5 per cent) of Trump Media & Technology Group, sold its stake at the end of September. The former president currently owns 56 per cent of the company.

Shares of Trump Media & Technology Group fell 13.53 per cent at the close of trading on Friday. The stock has risen 30 per cent in the past three months, compared with a 4.8 per cent rise in the S&P 500 index.

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