On Monday, shares of Trump Media & Technology Group experienced a notable increase, happening just one week prior to President-elect Donald Trump’s inauguration for a second term in office.

The stock for the company behind Trump’s social media platform, Truth Social, surged by 21.5%, closing at $42.91. This marked the most considerable single-day gain on the Nasdaq since Trump secured his presidential victory in November.

The stock has seen fluctuations since Trump Media went public in March 2024; however, Monday’s rise stands out, as highlighted by University of Florida finance professor, Jay Ritter. The price of the company’s stock has been compared to that of meme stocks such as AMC Entertainment and GameStop, as its rise has been driven more by investor enthusiasm than traditional financial metrics like revenue and cash flow.

As reported by FactSet, Trump Media boasts a fully diluted market capitalization exceeding $9 billion, even though it reported a net loss of $19.2 million and generated $1 million in revenue in the most recent quarter.

Up until last month, Trump was the largest direct shareholder, owning 114.75 million shares, which represented 53% of the total stock. He transferred these shares into a revocable trust, now controlled by his son, Donald Trump Jr., but the president-elect retains indirect ownership according to regulatory documents.

According to Forbes, the rise in Trump Media’s stock led to an increase in Trump’s estimated net worth, which is now approximately $7 billion.

Trump’s inauguration is set for January 20 in Washington, D.C., with festivities beginning the Saturday prior, featuring a reception and fireworks display.