Stocks for Trump media have soared following the Republicans’ rally at Madison Square Garden in New York City.
With just a week before the presidential election, Wall Street is preparing for a second term of Donald Trump, as reported by Puk.
Trump Media & Technology (DJT) is in an uptrend on the Nasdaq and rose 22 percent on Monday.
DJT, the operator of Trump’s Truth Social platform, was worth $9.5 billion at the end of Monday — the same as Elon Musk’s X, formerly known as Twitter.
The stock is up 236 percent this month — on pace for its best month since October 2021. As of noon on Tuesday, the stock was trading above $54.
However, trading was suspended several times on Tuesday due to the stock’s extraordinary volatility.
DJT stock is up 236 percent this month — on pace for its best month since October 2021. As of noon on Tuesday, the stock was trading above $54.
With just a week before the presidential election, Wall Street is preparing for a second term of Donald Trump
DJT was up about 14 percent when it was first halted at 9:36 a.m. EST. At 11 a.m. EST, the stock was up more than 6 percent.
DJT shares briefly rose in July after Trump survived an assassination attempt, but fell again after the presidential debate between Trump and Harris.
As Puck notes, noted marketing professor Scott Galloway has previously said that the company is the best indicator of Trump’s political fortunes.
Trump owns almost 57 percent of the media company, while his shares are now worth more than $5 billion.
However, some Wall Street experts have expressed concern that Trump’s wealthy allies could help drive up DJT’s price to make an election victory appear imminent, as reported by both NBC and Puck.
Meanwhile, Harris’ chances of winning the election have reached a new low in the betting markets
“Someone like Elon could buy the shares,” an expert told Puck. “Financially it’s not a big problem for him, but the false strength of DJT stock gives the impression that Trump will win.”
It comes as Trump got a big boost when Republicans surged to a surprise lead over Democrats in early voting in the battleground state of Nevada.
About 700,000 people – half the expected number of voters in the state – have already cast their ballots.
Registered Republicans have a 40,000, or 5.7 percent, lead over registered Democrats.
Jon Ralston, editor of the Nevada Independent, said, “This is a unicorn year. We have never seen this before. It will take a long time, but Republicans have reason to be confident with this unprecedented turnout pattern.’
Meanwhile, Harris’ chances of winning the election have reached a new low in the betting markets.
The Democratic candidate has fallen below 40 percent in all six betting markets tracked by Real Clear Politics.