Shares of Trump Media and Technology Group saw a significant increase of 15% on Tuesday as voters participated in Election Day activities.
The stock opened at $37.52 on the NASDAQ and reached a peak of $40.74 around 10 a.m. EST, before experiencing some fluctuations, dropping to a low of $36.51 an hour later, and then stabilizing briefly above $40 before closing at $39.36.
In the afternoon, the shares were up by 12%, indicating strong investor interest likely linked to enthusiasm for former President Donald Trump, as noted by Morningstar’s vice president of research, John Rekenthaler. He described the stock as “the most emotional stock on the stock exchange.”
The surge in stock value is attributed to speculation that a potential Trump victory in the general election could enhance the viability of Truth Social, Trump Media’s primary social media platform.
The trading volume for the stock was more than double its average for the past 30 days, reflecting heightened investor activity.
Analysts have been closely monitoring DJT, with some likening the trading activity to “GameStop on steroids.”
Trump Media, founded in early 2021 and based in Sarasota, Florida, faced a turbulent week, experiencing a third drop in share value before rebounding with a 12% increase on Monday and continuing to rise on Tuesday, despite a challenging recent history that included significant losses.
Peoplesmind
