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Trump Media surges 20% in final stretch of White House race
Since its listing, Trump Media has been popular with traders who view it as a speculative bet on Trump winning the Nov. 5 election.
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Reuters - Tue, 29, Oct 2024
- 00:21 EDT
- 243
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker "DJT", in New York City, U.S., March 26, 2024. / Reuters/Shannon Stapleton/File Photo
Shares of former U.S. President Donald Trump's media company surged to their highest since June on Monday, extending a recent rally as betting odds favored the Republican candidate in the final stretch of his bid for reelection to the White House.
Shares of Trump Media & Technology Group, which operates the Truth Social app, jumped 20 percent to $46.93. The stock has nearly quadrupled since sinking to an all-time low in late September.
Since its listing, Trump Media has been popular with traders who view it as a speculative bet on Trump winning the Nov. 5 election. He owns 57 percent of the company, making his stake now worth over $5 billion.
Trump Media's revenue in the June quarter was $837,000 and the company is burning cash. Strategists say its $9 billion stock market value is detached from its day-to-day business.
With eight days to go before the election, betting odds reflect expectations Trump is likely to beat Vice President Kamala Harris, the Democratic candidate. However, opinion polls show a tight race in the seven battleground states that are expected to determine the winner.
Oddschecker.com, which reflects odds across a number of betting platforms, had Trump at the equivalent of about a 62 percent chance of winning and Harris at about 38 percent.
On the PredictIt platform, contracts for a Trump victory traded at 61 cents, with a potential $1 payout. Harris contracts were at 43 cents.
Polymarket has Trump with a 66 percent chance of winning and Harris at 34 percent.
Bitcoin added 2.5 percent percent, extending recent gains. Trump has positioned himself as pro-cryptocurrency.
Harris was traveling to Michigan on Monday to focus on the economy, while Trump was heading to Georgia to shore up support among religious voters.
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