(Reuters) – Shares in former U.S. President Donald Trump's media company rose 6% on Tuesday to hit their highest level since June, in one of the most intense trading sessions since the debut of the Truth Social platform on Wall Street in March.
Trump Media & technology Group's jump to $31.55 a share added to strong recent gains that reflect betting odds that show Trump with a lead over Democratic vice presidential nominee Kamala Harris in a tight race for the White House.
By mid-afternoon, about $2 billion in Trump Media shares had been exchanged, according to LSEG data. That put the stock on track for its third-busiest trading session since Trump Media's market debut in March.
Since its IPO, Trump Media has been popular with traders who view it as a speculative bet that the former president will win the Nov. 5 presidential election.
Trump's media revenue reached $3.4 billion on July 15 after a would-be assassin shot Republican candidate Trump in the ear at a campaign rally in Pennsylvania.
The odds of Trump winning the election have increased on betting websites in recent days, although the outcome remains close.
Oddschecker.com had Trump with the equivalent of about a 56% chance of winning and Harris with about a 44% chance, while a recent Wall Street Journal poll showed the two candidates tied in battleground states that could decide the choice.
On the PredictIt platform, contracts for a Trump victory were trading at 54 cents, with a potential payout of $1. Harris contracts were at 50 cents.
Trump's 57% stake in Trump Media is now worth $3.6 billion.
Trump Media soared 18% on Monday after reports that Democratic vice presidential nominee Kamala Harris agreed to be interviewed on Fox News on Wednesday.
The stock has rallied more than 150% in recent weeks after closing at a record low on September 24.
<img src="https://technicalterrence.com/wp-content/uploads/2024/10/Trump-Media-extends-its-rebound-in-one-of-its-most.jpg" title="© Reuters. FILE PHOTO: The Nasdaq Market site is seen on the day Truth Social and Trump Media & technology Group shares begin trading under the symbol ” djt=”” in=”” new=”” york=”” city=”” u.s.=”” march=”” reuters=”” shannon=”” stapleton=”” file=”” photo=”” alt=”© Reuters. FILE PHOTO: The Nasdaq Market site is seen on the day Truth Social and Trump Media & technology Group shares begin trading under the symbol ” rel=”external-image”/>
Trump Media briefly saw its value soar to nearly $10 billion following its stock market debut through a blank check company.
Trump Media's revenue is equivalent to two Starbucks (NASDAQ:) coffee shops, and strategists say its current $6 billion stock market value is decoupled from its day-to-day business.
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