Trump Media stock rises as DJT looks to claw back from post-lockup sell-off

• Shares of Trump Media, the company majority owned by Donald Trump, rose for a second straight day.
• The company behind Truth Social, which trades as DJT on the Nasdaq, has lost significant value in recent months.
• Trump Media slid ahead of the expiration of lockup agreements that had barred Trump and other company insiders from selling their shares.

Trump Media stock rose for a second day Wednesday, as the company majority owned by Donald Trump looked to claw back losses from a punishing sell-off that picked up steam after insiders' lockups expired.

DJT stock was up as much as 7% shortly after the opening bell, with shares trading above $13.70. Trump Media closed more than 5% higher Tuesday.

The positive turn for the Truth Social owner follows a monthslong stock slump that erased billions of dollars from the company's market capitalization.

Trump Media shares at Monday's close were at their lowest in the roughly six months since the company went public after merging with a blank-check firm.

Some experts still see Trump Media, which currently boasts a market cap of more than $2.5 billion, as highly overvalued.

They suggest that retail investors are trading the stock not based on its business fundamentals — it reported just $837,000 in revenue for the latest fiscal quarter — but as a way to bet on the Republican presidential nominee's political fortunes.

Trump Media briefly surged in mid-July, after Trump narrowly survived an assassination attempt at a campaign rally and appeared to be extending his lead over President Joe Biden. But the stock started to tumble soon after, around the time Vice President Kamala Harris replaced Biden and quickly shrank Trump's lead in the polls.

From July 15 to Monday, Trump Media's stock