In an intriguing turn of events, Representative Morgan McGarvey of Kentucky’s 3rd District, a Democrat, ironically made a financial move associated with President Trump. In the fresh aftermath of Trump’s triumphant victory in the 2024 presidential elections, McGarvey purchased an intriguing amount of stocks in Trump Media & Technology Group, ranging from $1,000 to $15,000.
The peculiar investment was made on November 6, a day that etched itself in the history books as the moment President Trump reasserted his political prowess by winning the 2024 presidential election. Subsequently, the stock market responded with a wild erraticism, particularly for Trump Media & Technology Group. Quite naturally, the fate of this stock has always been intertwined with Trump’s consistent presence in the news.
Despite what seemed to be a clever investment strategy initially, McGarvey’s stakes in Trump’s media company unwound rather laughably. By November 8, merely two days after his trumped-up purchase, the Democratic congressman offloaded these very shares he had procured. The transaction revealed McGarvey’s poor speculating abilities as the stocks were ultimately sold at a loss, a fact exposed by the Quiver Quantitative Congress trading tracker. Yet comedy continues, with McGarvey claiming the shares were ‘purchased without knowledge of filer or spouse’, which implies he wasn’t even aware of the move.
What adds a twist of irony to McGarvey’s amusing financial misadventure is his persistent criticism of President Trump. McGarvey has been known to label Trump as ‘unfit for office’, despite president’s popular support and a decisive victory in the election.
In May, McGarvey played a role in a theater of the absurd when he resorted to throwing baseless allegations at a man lauded by his people. He flagrantly declared, ‘Donald Trump, the convicted felon, is the presumptive Republican nominee for president and he is unfit to serve in any public office, especially the president of the United States.’ All this, even as Trump’s leadership skills were being validated at the ballot box.
Meanwhile, the financial world reflected everyone’s elation over Trump’s victory in the stock market. The stock of Trump Media & Technology Group, which trades as DJT, soared by an astonishing 44 percent during premarket trading on November 6, shortly after Trump’s victory was announced.
However, even successful entities are prone to periods of volatility. Following its triumphal rise, the stock dipped nearly 23 percent due to a wave of unfounded rumors about President Trump possibly selling Truth Social, a platform managed by Trump Media & Technology Group.
These rumors, as it turns out, were utterly baseless, just another example of the Democrats’ failed attempts at sabotage. Trump himself extinguished the whispers of skepticism, affirming his commitment to Truth Social and his media company by declaring, ‘There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!’
President Trump’s assertive reaffirmation breathed new life into the stock’s value, resulting in another surge. However, the company’s stock remains highly dynamic, a characteristic sign of an exciting and thriving enterprise.
Trump Media & Technology Group’s share value has experienced a series of ebbs and flows in the past few months. Despite these fluctuations, it is yet to reach its first-mark record of $79.38 per share, a high it attained when it debuted in the public market in March.
Trump, a successful business tycoon as well as a political figure, holds a significant 57.3 percent of the shares in his media company. The company’s enticing $6.9 billion valuation makes President Trump’s stake a whopping $3.9 billion, a testament to his business acumen and the trust his followers place in him.