By George Glover
Trump Media & Technology Group shares looked set to pare back some their recent losses on Friday, as a wild week for the Truth Social parent comes to a close.
The stock, which is majority owned by former President Donald Trump and trades under the ticker DJT, climbed 2.7% to $36.29 in the premarket. Futures for the small-cap Russell 2000 slipped 0.1%.
On Thursday, trading was halted on more than one occasion to curb volatility, just as it had been on Tuesday. The stock has swung wildly this week as the election between Trump and Vice President Kamala Harris nears.
As has been the case ever since DJT merged with a shell company to allow it to start trading in March, the company's fundamentals have no bearing on the stock's moves. Trump Media is losing money and Truth Social is still a niche player in the social-media market, which is dominated by the likes of Meta Platforms, Reddit, and Elon Musk's X.
But the stock has still racked up triple-digit gains over the past month, likely powered higher by the perception that Trump may win next week's election -- or traders buying to make a quick buck from the stock's volatility.
Political futures betting markets like Polymarket have the billionaire businessman as the favorite for the Nov. 5 contest, although their gauges are relatively thinly-traded and can be swung by individual investors placing big wagers.
Models run by poll analysis sites like Nate Silver's 538 still have the contest down as a tossup, with just four days to go until Americans decide the next President.
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
November 01, 2024 06:43 ET (10:43 GMT)
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