DJT stock hit its highest level since July as bets on the odds of a Trump election surged
Trump Media and 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 chances of winning the November election in exactly two weeks.
Shares of the company home to the Republican nominee's social media platform Truth Social have seen recent gains as both domestic and foreign betting markets have shifted in favor of a Trump victory, with prediction sites such as PolyMarket, PredictIT and Kalshi all favoring a Trump victory. The Democratic nominee and incumbent Vice President Kamala Harris is likely to run for president.
The national election, however, shows both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which could 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 were also under pressure, as previous polls in early September showed Harris slightly ahead of the former president.
Trump's recent campaign spree, which included a stop at a local Pennsylvania McDonald's, follows Elon Musk's appearance at his rally in Butler, Pa., earlier this month. It's the same spot where the former president survived an assassination attempt in July.
Tech billionaire Musk, who serves as CEO of Tesla ( TSLA ) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about backing Trump ahead of next month's election. Trump even said he would consider a Cabinet position for Musk but the businessman likely wouldn't be able to serve “with everything he's got going on.”
At the rally, Musk told the crowd that Trump is the only candidate who can “save democracy in America”, adding that if Trump doesn't win it will be the “last election”.
Meanwhile, Harris recently began a flurry of media appearances in which he was pressed on how he would fund some of his proposals around the economy and immigration.
On January 6, 2021, Trump founded Truth Social after shutting down major social media apps like Facebook ( META ) and Twitter, now X, following the Capitol riots. Trump has been reinstated on those platforms. He officially returned to X in mid-August after a hiatus of nearly a year.
But as Truth Social tries to take on social media incumbents, the company's fundamentals have long been questionable.
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