Connect with us

CryptoCurrency

DJT stock skyrockets following Donald Trump’s MSG rally as election looms

Published

on

DJT stock skyrockets following Donald Trump's MSG rally as election looms


Trump Media & Technology Group stock (DJT) extended its five-week surge on Monday, rising as much as 20% following Donald Trump’s rally at Manhattan’s Madison Square Garden (MSG) over the weekend as investors bet on improved chances the former president wins the November election.

At current levels, the stock is trading at its highest level since mid-July, with shares up about 235% from their September lows.

Other Trump-related stocks moved in tandem with DJT. Mobile-advertising software company Phunware (PHUN), which has ties to the former president, edged more than 3% higher on Monday, while conservative-leaning video platform Rumble (RUM) climbed more than 6%.

Advertisement

The surge in DJT stock is unlikely to continue beyond the short term. One current investor warned that if Trump loses the election next week, shares of DJT could plunge to $0.

“It’s a binary bet on the election,” Matthew Tuttle, CEO of investment fund Tuttle Capital Management, told Yahoo Finance’s Catalyst show on Monday.

Tuttle, who currently owns put options on the stock, said the trajectory of shares hinges on “a buy the rumor, sell the fact” trading strategy.

“I would imagine that the day after him winning, you’d see this come down,” he surmised. “If he loses, I think it goes to zero.”

Advertisement

Shares in the company, the home of the Republican nominee’s social media platform Truth Social, have seen a recent rise as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

National polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which are likely to decide the fate of the election.

The recovery in shares comes after the stock traded at its lowest level since the company’s debut following the expiration of its highly publicized lockup period last month. Shares had also been under pressure, as previous polling around early September saw Harris edging slightly ahead of the former president.

Republican presidential nominee former President Donald Trump speaks at a campaign rally at Madison Square Garden, Sunday, Oct. 27, 2024, in New York. (AP Photo/Evan Vucci)
Republican presidential nominee former President Donald Trump speaks at a campaign rally at Madison Square Garden, Sunday, Oct. 27, 2024, in New York. (AP Photo/Evan Vucci) · ASSOCIATED PRESS

Trump’s recent campaign momentum, which recently included a stop at a local Pennsylvania McDonald’s, follows an appearance by Elon Musk at his rally in Butler, Pa., earlier this month. It was the same location where the former president survived an assassination attempt in July.

Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of next week’s election. Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve “with all the things he’s got going on.”

Advertisement





Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Saylor’s Bitcoin custody debacle highlights growing divide in crypto community

Published

on

Saylor’s Bitcoin custody debacle highlights growing divide in crypto community


As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.



Source link

Advertisement
Continue Reading

CryptoCurrency

Binance founder CZ sees positive shift in crypto regulation worldwide 

Published

on

Binance founder CZ sees positive shift in crypto regulation worldwide 


Developing crypto regulations, along with a political shift toward cryptocurrencies, is a “very positive direction” for the industry, according to Changpeng Zhao.



Source link

Advertisement
Continue Reading

CryptoCurrency

Harris win unlikely to rock Bitcoin price, but crypto fears persist, say observers

Published

on

Harris win unlikely to rock Bitcoin price, but crypto fears persist, say observers


With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.



Source link

Advertisement
Continue Reading

CryptoCurrency

Missing Bitcoin and lost execs: Halloween’s creepiest crypto mysteries

Published

on

Missing Bitcoin and lost execs: Halloween’s creepiest crypto mysteries


It’s Bitcoin White Paper Day, but it’s also Halloween. Here are Cointelegraph’s six crypto mysteries to share around the campfire.



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitget wallet on Telegram hits 6 million users 3 days after launch

Published

on

Bitget wallet on Telegram hits 6 million users 3 days after launch


Bitget Wallet’s Telegram Mini App, Bitget Wallet Lite mini, has attracted more than six million users in just three days after its soft launch.



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin at 16: From experiment to trillion-dollar asset

Published

on

Bitcoin at 16: From experiment to trillion-dollar asset


In just 16 years, Bitcoin has grown to become the world’s 10th largest asset and the best currency for “financial freedom,” according to Tether CEO, Paolo Ardoino.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com