Trump Media & Technology stock continued to fall 8% on Friday after a 11% decline on Thursday. Phunware fell 2%.
Trading was halted more than once on Thursday to curb volatility, just at it was earlier in the week. Still, those big swings make the stock attractive for speculative investors. Its rise and fall could also partly be down to its status as a proxy for Trump's chances of winning the White House in the election next week.
While his odds have been improving lately, the latest CNN poll shows Vice President Kamala Harris with a significant lead over Trump in the key swing states of Michigan and Wisconsin. In Pennsylvania, the biggest swing state, the two are still neck and neck.
The stock, DJT, was down 12% to $35.34 at Thursday's close. DJT dropped 22% on Wednesday, its biggest decline since April, but it has still roughly doubled this month.
Harris also has a slight advantage as a member of the incumbent party as key economic indicators pick up. Gasoline prices are lower, personal income is up, and overall growth came in at a solid 2.8% for the third quarter.
Election news clearly matters for DJT stock, if only as providing trigger points for traders looking to capitalize on its big swings. The stock hit its highest level since May earlier in the week as Trump opened a clear lead in betting markets. It has also seemed to get a boost from billionaire Elon Musk's support of Trump.
The shares don't seem to trade on business fundamentals -- the company's revenues don't justify its current $8 billion market capitalization, even if the possibility of the shares going higher does.
However, that also highlights a risk for traders. If Trump loses the election, it isn't clear what will happen to the Truth Social platform that Trump Media operates. Trump has so far held on to his entire stake, but he now has the option to sell at any time.