Shares of Trump Media & Technology Group (DJT) soared by over 7% in pre-market trading on Monday, October 8th, as investors reacted to the latest developments in the highly-anticipated presidential race between former President Donald Trump and incumbent Vice President Kamala Harris.
The stock rally comes amid heightened investor focus on the upcoming November election, with Trump, who owns a majority stake in DJT, seen as having a 44% chance of defeating Harris according to polling analysis website 538. While DJT remains a relatively small player in the social media market, dominated by giants like Meta Platforms and Elon Musk's X (formerly Twitter), investors appear to be trading the stock based on Trump's perceived election prospects rather than the company's fundamentals.
The pre-market surge in DJT shares followed Vice President Harris's high-profile interview with CBS News' 60 Minutes on Sunday, where she defended her immigration record, touted her economic plans, and refused to agree that Israel's Prime Minister Benjamin Netanyahu is a "strong ally" of the United States. Some investors interpreted the interview as potentially boosting Trump's chances in the tight race, fueling optimism around DJT's prospects should the former president regain the White House.
