Trump Media shares gain on Election Day as traders bet potential GOP candidate win will boost business

Published On Nov 5, 2024, 6:46 AM

Shares of Trump Media & Technology (ticker: DJT) experienced a significant increase on Election Day as traders speculated that a potential victory for Donald Trump in the presidential race would enhance the company's business prospects. The stock gained approximately 6% in premarket trading, continuing a trend where the shares have nearly doubled this year. However, the stock has seen volatility, including a 33% drop over the past week as competition from Vice President Kamala Harris intensified. Overall, the trading behavior mirrors trends seen with meme stocks, drawing in retail investors significantly from platforms like Reddit's WallStreetBets.

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Stock Forecasts

DJTView DJT chart on TradingView

Positive

With the stock's price increases fueled by speculative trading around the election results, it is expected to remain highly volatile in the short term. Potential large movements could depend heavily on the election outcome. If Trump wins, DJT shares could experience a further rally as optimism around the company's potential increases. If he loses, the shares may decline sharply due to initial sell-offs by investors who had bought in based on election speculation.

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