Trump’s media shares have risen following the Republican’s rally at Madison Square Garden in New York City.
With just one week left before the presidential election, Wall Street is preparing for a second term for Donald Trump, according to reports Disk.
Trump Media & Technology (DJT) is trending higher on the Nasdaq and is up 22 percent on Monday.
DJT, the operator of Trump’s Truth Social platform, was worth $9.5 billion at Monday’s close, the same as Elon Musk’s X, formerly known as Twitter.
The stock is up 236 percent this month, on track for its best month since October 2021. It was trading at more than $54 as of midday Tuesday.
However, trading was suspended several times on Tuesday due to the stock’s extraordinary volatility.
DJT shares are up 236 percent this month, on track for their best month since October 2021. They were trading at more than $54 as of midday Tuesday.
With just a week to go until the presidential election, Wall Street prepares for a second term for Donald Trump
DJT was trading up about 14 percent when it first stopped at 9.36 a.m. EST. As of 11 a.m. EST, shares were up more than 6 percent.
DJT stock spiked momentarily in July after Trump survived an assassination attempt, but fell again following the Trump-Harris presidential debate.
As Puck points out, renowned marketing professor Scott Galloway has previously said the company is the best indicator of Trump’s political fortunes.
Trump owns nearly 57 percent of the media company, and his shares are now worth more than $5 billion.
However, some Wall Street experts have expressed concern that Trump’s wealthy allies may be helping to drive up the price of DJT to make an election victory appear imminent, as both NBC and Puck reported.
Meanwhile, Harris’ chances of winning the election have hit a new low in the betting markets.
“Someone like Elon could be buying the stock,” one expert told Puck. “It’s not a big deal in terms of money for him, but the false strength of DJT stock gives the impression that Trump will win.”
It comes as Trump received a big boost when Republicans took a surprising lead over Democrats in early voting in the battleground state of Nevada.
About 700,000 people, half of the state’s expected voters, have already cast their ballots.
Registered Republicans have a lead of 40,000, or 5.7 percent, over registered Democrats.
Jon Ralston, editor of the Nevada Independent, said: ‘This is a year of unicorns. We’ve never seen this. There’s still plenty of time, but Republicans have reason to be confident in this unprecedented pattern of turnout.’
Meanwhile, Harris’ chances of winning the election have hit a new low in the betting markets.
The Democratic candidate has fallen below 40 percent in all six betting markets monitored by Real Clear Politics.