Republican presidential candidate and former U.S. President Donald Trump reacts during a rally in Las Vegas, Nevada, United States, September 13, 2024.
Piroschka Van De Wouw | Piroschka Van De Wouw Reuters
shares Trump Media and Technology Shares rose on Election Day on Tuesday as traders bet a re-election of President Trump would boost the business prospects of Truth Society operators.
The stock trades under the symbol DJT (the abbreviation of former President Trump) and is also seen as a representation of the prospects for Republican candidates to re-enter the White House. Wall Street research firms named the stock one to watch on Tuesday.
The stock was last up about 6% in premarket trading.
DJT 1 day chart
Shares of Trump Media, in which Trump has a majority stake, have nearly doubled so far this year. However, it has struggled recently, with Vice President Kamala Harris appearing to gain momentum ahead of Election Day. Shares have plunged 33% in the past week. But the stock rose 12% on Monday.
“We’re trading like Gamestop on steroids,” Jay Woods, chief capital strategist at Freedom Capital Markets, told CNBC on Monday.
“You know, people who make money trading deserve credit. But in the long run, these metrics don’t mean anything,” Woods added.
Trump Media stock, which gained popularity during the 2021 stock meme craze fueled by GameStop, has attracted significant inflows from retail investors in the week leading up to the election and has been the most discussed stock on Reddit page WallStreetBets.
Despite the wild swings in DJT stock, Latest NBC News Poll It shows that Trump and Harris are evenly matched, with both candidates receiving the support of 49% of voters.
–Reporting by Kevin Brauninger and Alex Harling
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