Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign rally at Van Andel Arena in Grand Rapids, Michigan, on November 5, 2024.
Kamil Krzaczynski | AFP | Getty Images
Shares of former President Donald Trump’s media companies rose as voting in the controversial campaign ended on Tuesday.
In the after-hours action, Trump Media Technology Group It has recently gained about 18% in volatile trading.
The gains came despite a surprise earnings report that showed the company had a third-quarter loss of $19.2 million, seen as a market proxy for the former president’s prospects as he seeks re-election.
Shares have been volatile during the election season, with mixed gains and losses as Trump heads into a close race against Democratic Vice President Kamala Harris.
Trump Media Technology Group Stock
Shares are down more than 34% over the past five trading days as Harris appears to have regained momentum in the final days of the game. However, the stock has also surged more than 105% in the past month.
In Tuesday trading, the stock surged more than 18% at intraday highs as the candidate pushed higher, but ended the day down 1.2%.
In its earnings release, the company reported revenue of just over $1 million.
“This has been an extraordinary quarter for the company, Truth Social users, and the retail investors who support our mission to be a beachhead for free speech online,” Trump Media CEO Devin Nunes said in a statement.
Nunes is a former congressman from California.
To be sure, the stock won’t necessarily be a perfect reflection of whether Trump wins. Given that the stock has rallied significantly this year, it could be affected by profit-taking and other factors.
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