Republican presidential nominee and former U.S. President Donald Trump reacts at a rally in Las Vegas, Nevada, U.S. September 13, 2024.
Shares of Trump Media & Technology rose on Election Day Tuesday, with traders betting a second Trump presidency would give the business prospects of the Truth Social operator a boost.
Follow: Election 2024 live updates: Trump and Harris await Presidential election results
The stock, which trades under the ticker DJT — former President Donald Trump's initials — is also seen as a 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.
Shares were last up about 15% midday. Action in Trump Media was heavy, with the stock on pace to more than double its average daily trading volume of the last 30 days.
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Year to date, Trump Media, which is majority-owned by Trump, has nearly doubled. However, it has struggled recently, as Vice President Kamala Harris appeared to gain momentum heading into Election Day. Shares have plummeted 33% over the past week. But the stock was up 12% 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.
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Trump Media shares have seen huge retail trader inflows in the week's leading up to the election and has been the most-discussed stock on Reddit page WallStreetBets, which gained popularity during the GameStop fueled stock meme fad of 2021.
Despite the wild swings in DJT stock, the latest NBC News poll shows Trump and Harris are neck and neck, with both candidates getting support from 49% of voters.
— With reporting by Kevin Breuninger and Alex Harring.
Correction: Jay Woods is chief global strategist at Freedom Capital Markets. An earlier version misstated his title.
