Trump Media & Technology Group stock (DJT) climbed more than 10% higher in early trading on Tuesday, extending its double-digit rise to kick off the week as shares brace for for more volatility with Election Day underway in the US.
The stock suffered its largest percentage decline last week and closed down around 20% to end the five-day period on Friday, which shaved off around $4 billion from its market cap. Shares have still more than doubled from their September lows.
The stock’s recovery comes as investors await the election of the next president: Donald Trump or Kamala Harris.
Prior to the recent volatility, shares in the company, the home of the Republican nominee’s social media platform Truth Social, had been on a steady rise as both domestic and overseas betting markets shifted in favor of a Trump victory.
Prediction sites like Polymarket, PredictIt, and Kalshi all showed Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris. That lead, however, narrowed significantly over the weekend as new polling showed Harris surpassing Trump in Iowa, which has historically voted Republican.
And as betting markets tighten, national polls show both candidates in a virtually deadlocked race. Polls in key battleground states like Pennsylvania, Michigan, and Wisconsin, which are likely to decide the fate of the election, also show razor-thin margins.