Trump Media & Technology Group, which owns Truth Social, rose up to 15% in value during midday trading on Tuesday as election day was underway. File Photo by Will Oliver/EPA-EFE
Nov. 5 (UPI) — Trump Media and Technology Group shares rose 15% in value on Tuesday as voters cast ballots on Election Day.
Trump Media shares opened at $37.52 on the NASDAQ stock exchange and reached a high of $40.74 at about 10 a.m. EST, dropped to a low of $36.51 an hour later and briefly plateaued above $40 before dropping to $39.36.
The shares in DJT were up in value by 12% during afternoon trading.
Much of the stock’s rise in value is tied to people’s enthusiasm for former President Donald Trump, Morningstar vice president of research John Rekenthaler told Quartz.
“This is the most emotional stock on the stock exchange,” Rekenthaler said.
The stock traded at more than double its average daily volume over the past 30 days as investors wager on a potential Trump win in the general election making Truth Social a more viable social media site and investment.
Many Wall Street analysts listed DJT as a stock to watch on Tuesday.
“We are trading this like GameStop on steroids right now,” Freedom Capital Markets chief global strategist Jay Woods told CNBC on Monday.
Trump and partner Andy Dean founded Trump Media on Feb. 8, 2021, which has Trump’s social media site Truth Social as its primary asset. Trump Media is based in Sarasota, Fla.
Trump remains the majority owner of Trump Media, and the stock had struggled after Vice President Kamala Harris replaced President Joe Biden as the Democratic Party’s nominee for the presidency.
Share values in DJT dropped by a third during the past week but rose by 12% on Monday and continued the climb in value on Tuesday.
The stock traversed a rocky road in recent weeks, including a price surge in October that saw DJT pass Elon Musk’s X in value before losing $1.3 billion in value last week.
The stock dropped 22.3% in value on Wednesday, which was its worst single-day drop since Trump Media went public in March.