Salem Media (NASDAQ:SALM) stock is getting a boost today as former President Donald Trump shakes up the stock market.
Trump has announced plans for a new social media platform called Truth Social with a focus on the First Amendment. The company behind it, Trump Media & Technology Group, intends to go public via a special purpose acquisition company (SPAC) merger with Digital World Acquisitions (NASDAQ:DWAC).
Following this news, several stocks in the social media space have been seeing their prices rise. This comes as investors seek out alternatives to major players, including those with a focus on free speech and privacy.
In the case of Salem Media, investors are watching for any stocks with possible connections to Trump. SALM stock falls into that category with previous ties to the former President.
Let’s take a look at SALM stock below and outline everything traders need to know about it.
- Salem Media is a group that targets the Christian and Conservative demographics.
- It does so through radio shows, podcasts, apps, websites, and more.
- That includes some 117 radio stations with more than 70 of them in the top 25media markets.
- The company also supports self-publishing for authors and has its own network of social media influencers.
- Edward G. Atsinger III leads the company as its CEO.
- Salem Media was founded in 1986 and operates out of Camarillo, Calif.
SALM stock is experiencing heavy trading on Friday. As of this writing, more than 28 million shares of the stock have been traded. That’s a massive surge from to its daily average trading volume of about 661,000 shares.
SALM stock was up 18.6% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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