Trump Media & Technology Group (DJT) stock has been on the rise since early today, hitting a new intraday high as perhaps unlikely price levels briefly come back into view as Election Day approaches. Then things changed.
As recently as last month, the stock traded below $12. Shares of parent company Truth Social rose more than 10% to about $54 on Tuesday morning. (Trading in the stock was suspended earlier today.) As of midday, the stock was still around $54.
Recent prices have shown a rebound from pre-market levels. Early morning trading suggested the stock could open at its highest price since the all-time high of around $80 seen earlier this year after the company merged with a blank check company.
Where are you going next? Traders, including individual investors, appear to be using the stock in part as a way to bet on the re-election of former President Donald Trump, the company’s majority shareholder. Some polling averages suggest a close race with Vice President Kamala Harris, especially in swing states. But some prediction markets have recently become increasingly aware that Mr. Trump’s chances are increasing.
This recognition of the outlook has helped some other assets, such as Bitcoin, which recently traded around $71,000. Trump’s re-election is generally seen as beneficial for the cryptocurrency market.
Trump Media’s market value is approximately $9.5 billion.
