Trump Media stock jumps 15% on Election Day as betting market hints at a Trump win | Stock Market News
Source: Live Mint
Trump Media & Technology Group Corp., the parent company of the former president’s Truth Social platform, jumped more than 15 per cent on Tuesday as voters head to the polls.
The stock, which trades as the ticker symbol DJT, is notoriously volatile and is broadly considered a meme stock.
The former president’s odds improved in betting markets, which many investors have been following for any indication on the election outcome.
Last Tuesday, the stock had fallen from an intraday high of more than $54 before falling to about $30 on Friday.
Trump Media has swung wildly in recent months as it loosely tracked election betting markets ahead of the US presidential election.
They spiked higher after the attempted assassination of Donald Trump in Pennsylvania in July, then slumped when Democrat Kamala Harris entered the race and narrowed the polling gap against her Republican opponent. There have been seven double-digit moves in the past eight trading sessions as polls continue to show the two candidates in a virtual dead heat.
Trump Media shares more than doubled in October as betting markets showed gamblers favored the Republican, even as high-quality polling showed little change from the deadlock that prevailed since Harris entered the race. The company is worth more than Whirlpool Corp. and Harley-Davidson Inc. despite bringing in revenue of less than $1 million in the second quarter.
The US stock indices rallied on Tuesday, but investors still braced for volatile trading over the next few sessions as voting began in a tightly contested US presidential election.
The final outcome could take days as opinion polls in the campaign’s final days showed the contest between Republican Donald Trump and Democrat Kamala Harris was too close to call.
The Dow Jones Industrial Average rose 326.12 points, or 0.78 per cent, to 42,120.72, the S&P 500 gained 59.24 points, or 1.04 per cent, to 5,771.93 and the Nasdaq Composite gained 245.09 points, or 1.35 per cent, to 18,425.07.
