Trump Media & Technology shares rose 16% on election day

Shares of the media company of former US President and presidential candidate Donald Trump rose sharply in price on the last day before the US presidential election.

Trump Media & Technology Group (DJT), the parent company of the social network Truth Social, rose 16% on Monday, although there was no obvious reason for the jump.

It should be noted that since the initial issue of shares on the New York Stock Exchange in March of this year, the company’s shares have shown high volatility: over a five-week period, their value quadrupled, followed by a drop of 41% over three trading sessions. Traders are using Trump’s stock as a barometer of his perceived re-election chances, with little regard for the company’s financial fundamentals, which lag well behind rivals like X, TikTok and Instagram.

Despite polls showing a very tight presidential race, online sportsbooks have favored Trump over Vice President Kamala Harris in recent weeks. Market analysts attribute the growth of Trump’s shares to this trend.

Let us remember that when Harris began to strengthen her position in bookmaker forecasts, shares of Trump’s media company plummeted. Last week’s stock price plunge cut Trump’s fortune by $2.4 billion in just three days, effectively erasing the $3.6 billion gain he made the previous month. However, Monday’s gains allowed him to win back about half a billion dollars in the valuation of his net worth. Experts note that such volatility may continue until the final election results are announced.