Shares of former US President Donald Trump’s media company jumped 6% on Tuesday to their highest level since June, in one of the strongest trading sessions since the Truth Social platform debuted in Wall Street in March.
Trump Media & Technology Group’s jump to $31.55 a share added to recent big gains reflecting betting odds that show Trump has an edge over Democratic nominee Vice President Kamala Harris in a neck-and-neck race for the White House.
About $2 billion in Trump Media shares had traded as of mid-afternoon, according to LSEG data. The stock is on track to experience its third most active trading session since Trump Media debuted on the market in March.
Since its IPO, Trump Media has been very popular with traders who see it as a speculative bet on the former president’s victory in the November 5 presidential election.
Trump Media’s revenue hit $3.4 billion on July 15, after a would-be assassin shot Republican candidate Trump in the ear during a campaign rally in Pennsylvania.
In recent days, Trump’s chances of winning the election have increased slightly on betting sites, although the outcome remains close.
Oddschecker.com gave Trump the equivalent of about a 56 percent chance of winning and Harris about a 44 percent chance of winning, while a recent Wall Street Journal poll showed the two candidates tied in key states that could decide of the election.
On the PredictIt platform, contracts for a Trump victory were trading at 54 cents, with a potential gain of one dollar. Harris contracts were 50 cents.
Mr. Trump’s 57% stake in Trump Media is now worth $3.6 billion.
Trump Media soared 18% 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 hitting its all-time low on September 24.
Trump Media saw its value briefly rise to nearly $10 billion after its public debut through a blank-check company.
Trump Media’s revenue is the equivalent of two Starbucks coffees, and strategists say its current stock market value of $6 billion has nothing to do with its day-to-day operations.
