Trump Media Stock Rises Again, Adding Billions to Former President’s Stake

Shares of former President Donald J. Trump’s social media company have been on a wild ride since making their debut on Wall Street in March: soaring, crashing and then climbing again.

The rally has pushed the value of Mr. Trump’s majority stake in the company to some $6 billion, a major windfall as he ramps up his presidential campaign and faces steep legal bills tied to the multiple cases against him.

On Wednesday, the share price of Trump Media & Technology Group traded at around $53, approaching where the parent company of Truth Social ended its first day of trading on March 26, at just under $58.

Mr. Trump owns nearly two-thirds of the company, but he is not allowed to sell his shares or use them as collateral for a few months. Trump Media’s multibillion-dollar market valuation has put it in the same league as established companies like American Airlines and Hasbro.

The frenzied trading in Trump Media has been reminiscent of the mania around so-called meme stocks — shares that trade based on investor sentiment and momentum more than traditional financial fundamentals.

The company last year lost $58 million and took in just $4 million in revenue, all of it from advertising on Truth Social.