It was a wild Tuesday for Donald Trump — and not just because of the election.
Shares of Trump Media & Technology Group, home to the Republican nominee’s Truth Social app, rapidly increased and decreased throughout the day, ultimately closing Election Day down 1.16%. In the minutes before markets closed at 4 p.m. ET, shares of the company — which trade under his DJT initials — had been up about 1.5%.
Overall, it was a volatile 6.5 hours for DJT between the opening and closing bells. Shares jumped 18.6% to $40.74 per share at one point in early trading, before the stock whiplashed in the opposite direction, dropping 15% in about 15 minutes. That led to Trump Media being halted on the Nasdaq exchange.
“The initial rise was speculative, driven by hopes of a Trump victory,” 9i Capital Group CEO Kevin Thompson told Newsweek. “Many traders are capitalizing on the sentiment of MAGA supporters, buying in early and selling off by the close. Options data shows high implied volatility, suggesting the stock could dip to around $20 if Trump loses.”
Trump Media had been on a remarkable run in the weeks leading up to the election. DJT shares are up 84.6% in the past month, and at one point last week, the company was worth more than The New York Times. Shares are down 29% in the last week, pushing Trump Media’s market cap to $6.8 billion on Tuesday afternoon.
Trump owns 57.3% of the company’s shares, according to Forbes, meaning his slice of Trump Media is worth $3.95 billion. It’ll be worth watching how the company’s stock performs in the coming days, as it becomes clearer whether Trump will retake The White House or lose to Democratic nominee Kamala Harris.