By Brian Swint
Trump Media & Technology, the operator of the Truth Social site, looked set to extend Monday's huge gains.
The company that's majority owned by former President Donald Trump jumped 11% in premarket trading to $52.32 after advancing a large 22% yesterday. That puts it at the highest level since May after gaining for six of the past seven days.
As has been the case since DJT merged with a shell company to allow it to start trading in March, it's hard to tie the market move to company fundamentals. It might be gaining because of Trump's perceived chances of winning the election next week, or as traders take a chance on the stock's volatility.
In any case, Trump Media's $9.5 billion market value as of Monday's close puts it in the same ballpark as X, the social media site formerly known as Twitter that Elon Musk took private. Although X is no longer publicly traded, investment group Fidelity still has a stake in the firm. It published the values of its holding regularly, with the latest estimates putting X's worth at just under $10 billion, according to Forbes magazine.
Trump has opened a clear lead in betting markets to win the Nov. 5 vote, with an average of 63% odds of victory across a range of sites, according to RealClearPolitics. Opinion polls show a much tighter race -- the latest average from the same website shows Trump with the support of 48.6% of voters and Vice President Kamala Harris with 48.4%.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
October 29, 2024 06:33 ET (10:33 GMT)
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