Republican presidential candidate and former US President Donald Trump reacts during a rally in Las Vegas, Nevada, US, September 13, 2024.
Piroschka Van De Wouw | Reuters
Shares of Trump media and technology rose on Election Day Tuesday, with traders betting that a second Trump presidency would boost the Truth Social operator’s business prospects.
The stock, which trades under the ticker DJT — the initials of former President Donald Trump — is also seen as an indicator of the Republican candidate’s prospects to retake the White House. Wall Street research firms listed the stock as one to watch heading into Tuesday.
Shares last rose about 8.2% in premarket trading.
DJT 1-day chart
So far, Trump Media, which Trump owns a majority stake in, has nearly doubled in size. It has had problems recently, however, as Vice President Kamala Harris appeared to gain momentum ahead of Election Day. Shares are down 33% in the past week. But the stock rose 12% on Monday.
“We’re trading this as GameStop on steroids right now,” Jay Woods, chief capital strategist at Freedom Capital Markets, said Monday on CNBC.
“And you know, kudos to those who make money trading it. But in the long run, the statistics don’t make any sense,” Woods added.
Trump Media stock has seen a huge influx from retail traders in the week leading up to the election and is the most talked about stock on Reddit page WallStreetBets, which gained popularity during the GameStop-fueled stock meme craze of 2021.
Despite the wild swings in DJT stock, the latest NBC News poll shows that Trump and Harris are neck-and-neck, with both candidates receiving support from 49% of voters.
—With reporting by Kevin Breuninger and Alex Harring