By Daily Mail (U.S.) | Created at 2024-10-29 20:02:49 | Updated at 2024-11-05 23:34:54
1 week ago
Stocks for Trump media have surged following the Republican's rally at Madison Square Garden in New York City.
With just one week ahead of the presidential election, Wall Street is preparing for a second Donald Trump term, as reported by Puck.
Trump Media & Technology (DJT) is on an upward trend on Nasdaq and jumped by 22 percent on Monday.
DJT, the operator of Trump's Truth Social platform, was worth $9.5 billion by Monday's close - the same as Elon Musk's X, formerly known as Twitter.
The stock is up by 236 percent this month - on pace for its best month since October 2021. It was trading for over $54 at noon on Tuesday.
However, trading was suspended several times on Tuesday over the stock's extraordinary volatility.
The DJT stock is up by 236 percent this month - on pace for its best month since October 2021. It was trading for over $54 at noon on Tuesday
With just one week ahead of the presidential election , Wall Street is preparing for a second Donald Trump term
DJT was trading up around 14 percent when it was halted the first time at 9.36am EST. By 11am EST the stock was up by over 6 percent.
The DJT stock momentarily soared in July after Trump survived an assassination attempt but had gone back down following the presidential debate between Trump and Harris.
As Puck points out, renowned marketing professor Scott Galloway has previously said the company is the best indicator of Trump's political fortune.
Trump owns nearly 57 percent of the media company, with his shares now worth over $5billion.
However, some Wall Street experts have expressed concern that Trump's rich allies could be helping drive up the price of DJT to make an electoral victory seem imminent, as reported by both NBC and Puck.
Meanwhile Harris' chances of winning the election have reached a new low in the betting markets
'Someone like Elon could be buying the stock,' an expert told Puck. 'No big deal money wise for him, but the phony strength in DJT stock gives the impression that Trump will win.'
It comes as Trump received a big boost as Republicans surged to a surprise lead over Democrats in early voting in the battleground state of Nevada.
Around 700,000 people - half the state's expected voters - have already cast their ballots.
Registered Republicans have an advantage of 40,000, or 5.7 percent, over registered Democrats.
Jon Ralston, editor of the Nevada Independent, said: 'This is a unicorn year. We have never seen this. Still a lot of time but Republicans have reason for confidence with this unprecedented turnout pattern.'
Meanwhile Harris' chances of winning the election have reached a new low in the betting markets.
The Democratic nominee has dropped below 40 percent in all six betting markets monitored by Real Clear Politics.
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