By Free Republic | Created at 2024-10-29 21:36:07 | Updated at 2024-10-30 01:30:18
4 hours ago
DJT stock soars amid Donald Trump's rise in the betting markets
MSN---CBS ^ | 10 29 | Aimee Picchi
Posted on 10/29/2024 2:25:40 PM PDT by dennisw
The stock has surged more than 340% since hitting a low of $11.75 a share in September. Tuesday's spike came as the Nasdaq Composite Exchange, where Trump Media shares trade, rose 0.9% and stayed on track to close the day at a record high.
While the polls show that the presidential race is extremely close, the betting markets such as Polymarket are now predicting that Trump is favored to win the election.
"The price of DJT closely mirrors Trump's chances in prediction markets," S3 analysts said Tuesday in a note to investors.
While Polymarket last week said a sole French trader was behind four accounts that spent millions to purchase the Trump contract, the international platform determined it was not market manipulation.
Trump Media has been volatile since it began trading in March, initially surging to a valuation that topped $9 billion despite a history of losses, before dropping to its September low. Much of the stock's movement is tied to Trump's political fortunes, with DJT swinging upwards when his odds appear to improve.
That's prompted comparisons with a meme stock, or a company whose shares trade on social media buzz instead of traditional analytical measures such as revenue growth and profitability. Trading volume in DJT shares has been unusually high in the last two weeks, with its trading volume topping 120 million shares on Tuesday, versus its 30-day average trading volume of 35 million shares, according to financial data firm FactSet.
"DJT has been very volatile due to speculators that are momentum players," University of Florida finance professor Jay Ritter wrote in an email to CBS MoneyWatch. "These speculators buy when the price rises, pushing up the price, but then sell when the tide turns, resulting in occasional big drops."
(Excerpt) Read more at msn.com ...
TOPICS: Business/Economy; Chit/Chat; Computers/Internet
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1 posted on 10/29/2024 2:25:40 PM PDT by dennisw
To: dennisw
It will either tank, or go through the roof (because of a short squeeze) on Nov. 6.
2 posted on 10/29/2024 2:28:51 PM PDT by volare737 (Diversity is something to be overcome, not celebrated.)
To: dennisw
Trumps stake is 6 billion. When he wins this will increase. The rat-bastid Dems tried to bankrupt Trump via court cases. Now Trump will have more than enough money to pay his legal teams.
The best lawyers will not work/defend Trump because they are afraid of the fallout. I hope this changes after T wins.
Trumps NetWorth is soaring and now beats your common pissant Democrat billionaire.
3 posted on 10/29/2024 2:30:52 PM PDT by dennisw
To: volare737
We shall see. All I know is that November 6th millions of Dems and commies will be barking at the moon. Sobbing, crying, talking to their shrinks about doing themselves in.
The smart ones will get high or drunk and get a new tattoo.
4 posted on 10/29/2024 2:34:31 PM PDT by dennisw
To: dennisw
Is Polymarket a reliable indicator? I know nothing about them.
5 posted on 10/29/2024 2:34:57 PM PDT by rdl6989 ( )
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