Trump Media and Technology stock soared as much as 14% on Tuesday's election day after weeks of volatile trading as investors bet on a Trump victory with the social media company's performance surging. ended in the red.
The stock, which trades under the ticker DJT, the former president's initials, is seen as an indicator of a Republican candidate's chances of taking back the White House, rising and falling with the probability of victory.
The stock reached a high of $40.74 before falling sharply to close 1.2% lower at $33.94.
After the market closed, Trump Media revealed a loss of $19.2 million in the third quarter.
Trump Media stock soared in July after the former president was left bleeding from the ear during an assassination attempt during a rally in Butler, Pennsylvania.
Later that month, the stock rose along with stocks of crypto companies after he said during a Bitcoin conference in Nashville, Tennessee, that he supported deregulation of the crypto industry.
However, after the debate between the former president and Vice President Kamala Harris, the stock fell to its lowest level.
Shares of Trump Media, which is majority owned by the former president, have doubled so far this year, including Tuesday's gain. On March 26, the day the company went public, its stock hit a 52-week high of $79.38.
Stocks have slumped, dropping 33% over the past week, as Vice President Kamala Harris gains momentum in the race and the two candidates face a tight race.
“We're kind of trading GameStop on steroids right now,” Jay Woods, chief global strategist at Freedom Capital Markets, told CNBC on Monday.
“And all respect to the people who are trading it and making money, but in the long run, that metric doesn't mean anything,” Woods said.
Trump Media is most talked about on WallStreetBets, the Reddit page that played a key role in the 2021 GameStop short squeeze that sent stock prices significantly higher and fueled a period of highly volatile trading. It's a brand that has become.
The Trump media also experienced several weeks of fluctuations. On October 29, just one week before Election Day, the stock suffered five suspensions within the first two hours of trading.
Approximately 16 million shares were traded in the first 10 minutes of the trading day.
As of 10:15 a.m., the company's 30-day average trading volume was more than 35.1 million shares.
