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Former US President and Republican presidential candidate Donald Trump gestures as he speaks during a campaign rally at Van Andel Arena in Grand Rapids, Michigan on November 5, 2024.
Kamil Krzaczynski | AFP | Getty Images
Shares of Trump Media & Technology lost steam in afternoon trading on Tuesday as Election Day continued.
The stock, which trades under the ticker DJT — former President Donald Trump‘s initials — is seen as a possible proxy for the Republican candidate’s prospects of retaking the White House. Wall Street research firms listed the stock as one to watch leading into Tuesday. Traders are also analyzing the business prospects of the Truth Social operator depending on who prevails in the presidential election.
Shares were last up about 4.8% midday after being halted briefly for volatility. Earlier in the session, it was up as much as 15% before giving up that gain and at one point turning red. Action in Trump Media was heavy, with the stock more than doubling its average daily trading volume of the last 30 days.
DJT 1-day chart
To be sure, the stock is not necessarily a pure play on whether Trump wins. The stock is up a lot already this year and could be influenced by other factors, such as profit taking.
Trump Media, which is majority-owned by Trump, has jumped nearly 90% in 2024. But it has struggled recently as Vice President Kamala Harris appeared to gain momentum heading into Election Day. Shares have plummeted more than 30% over the past week despite a 12% jump on Monday.
“We are trading this like GameStop on steroids right now,” Jay Woods, chief global strategist at Freedom Capital Markets, said on CNBC Monday.
“And you know, kudos to those that are trading it making money. But over the long term, the metrics don’t make any sense,” Woods added.
Trump Media shares have seen huge retail trader inflows in the week’s leading up to the election. It has also been the most-discussed stock on Reddit page WallStreetBets, which gained popularity during the GameStop fueled stock meme fad of 2021.
Though the stock has been viewed as a way to invest behind a Trump victory, the election is considered neck-and-neck as Americans head to the polls on Tuesday.
— With reporting by Kevin Breuninger.
Correction: Jay Woods is chief global strategist at Freedom Capital Markets. An earlier version misstated his title.