New York (CNN) — Former President Donald Trump’s social media company is on fire on Wall Street. It’s all about Trump’s perceived chances of retaking the White House.
Up until very recently, Trump Media & Technology Group had been in meltdown mode. Its share price dropped to a record low of $12.15 on September 23, marking a stunning 82% crash from its high.
But the owner of Truth Social is enjoying a massive rebound, more than doubling its share price in less than three weeks. It spiked nearly 50% last week alone.
It’s a remarkable turnaround, even for a notoriously-volatile stock that has been described as a meme stock on steroids.
Trump Media did not announce a sudden revenue stream or a flashy new product that could explain the move. It didn’t land an endorsement from Wall Street analysts or a major shareholder.
Instead, the turnaround has been fueled by the perceived odds of Trump …