DJT stock surges to highest level since July as bets rise on Trump election odds

Yahoo Finance ^ | October 22, 2024 | Alexandra Canal

[lasereye]

Trump Media & Technology Group stock (DJT) hit its highest level since July on Tuesday, rising as much as 10% as investors bet on former President Donald Trump's improved odds of winning the November election in exactly two weeks.

Shares in the company, the home of the Republican nominee's social media platform Truth Social, have seen a recent surge as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump's presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

National polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which are likely to decide the fate of the election.

The recovery in shares comes after the stock traded at its lowest level since the company's debut following the expiration of its highly publicized lockup period last month. Shares had also been under pressure, as previous polling around early September saw Harris edging slightly ahead of the former president.

Trump's recent campaign momentum, which just included a stop at a local Pennsylvania McDonald's, follows an appearance by Elon Musk at his rally in Butler, Pa., earlier this month. It was the same location where the former president survived an assassination attempt in July.

Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of next month's election. Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve "with all the things he's got going on."

[lasereye]

The daily movements of DJT seem to be an indicator of how the investors think the election will come out. When Harris started pulling ahead in the polls (or at least seemed to be), DJT was dropping. Lately it has been going up just about every day - often by a lot. It doesn't really make sense to me. I don't believe Trump winning the election would have any impact whatsoever on their earnings.

[Henchster]

"I don't believe Trump winning the election would have any impact whatsoever on their earnings."

What if the investors know something we don't - like maybe PDJT will release ALL statements, interviews and press conference transcripts on his media, and cut-out the fake news media completely.

[avital2]

TruthSocial is rolling out a streaming arm.that’s a big addition.

[JohnBovenmyer]

With 2 weeks to go what else can the left try. I suppose they could try another assassination, but I hope not. Bad stories on Trump, true or false, can't do more as that ploy is fully saturated. Natural disasters were an electoral flop. Policy reversals would be disbelieved on the right and hurt them on the left. The one card they control and could play is for Joe to resign pre-election. Say on Nov 3rd Joe signs pardons for Hunter et al, but holds off publicly announcing them. Then publicly resigns and urges everyone to vote for the first woman president. Could they milk that into enough election day turnout?

Team Trump needs to be ready with a response. "President Harris" [sound of fingernails on a chalkboard] "The country is now run by a female puppet instead of a male one. We still don't know who's really running it. For those that want to celebrate the female technical achievement, they no longer need to vote for Harris tomorrow. That goal has already been reached and will last the next 10 weeks. Heaven protect us! To save the country vote while you still can not to extend her reign tomorrow."

[Vermont Lt]

I think unless the company has forward earnings there are probably a few front runners who will turn around soon, and pull the rug out of the emotional traders.

The “big boys” love fleecing people who buy emotionally. I would be taking some profits if I held any. You never go broke taking a profit. It makes holding on to a smaller position easier when it tanks.