Trump Media joins the market jump, extending the recent gains found through Investing.com
Investing.com — Shares of U.S. President Donald Trump's media group rose sharply in early trading on Tuesday, after touching a two-month high in the previous session.
On Monday, more than 57 million shares of Trump Media and Technology Group (NASDAQ:
Shares in the Truth Social operator — which is 57% owned by Trump — rose more than 18 percent on Monday, the latest rise following weeks of sell-off.
Shares in Trump Media have now more than doubled in the past two weeks, fueled in part by increased betting that Trump will emerge victorious in the upcoming Nov. 5 presidential election.
Contracts for a Trump win stand at $0.54, with a payout of $1 on Tuesday, according to online platform PredictIt. Contracts to beat Trump's Democratic rival Kamala Harris were at $0.49.
Analysts pointed out that changes in the stock often reflect speculation among investors about Trump's chances of winning a second four-year term in the White House.
Also fueling Monday's jump in Trump Media shares were reports that Harris had agreed to be interviewed by the conservative outlet Fox News. Sentiment was also helped by Trump Media's announcement that the loss-making company will launch its own video streaming service, Truth+.
With the Nov. 5 election just weeks away, Harris is clinging to a narrow lead over Trump in the national polls.
But, most importantly, the polls remain in general but also in seven important regions that may have a major impact on the Electoral College outcome which is very important. There are 538 Electoral College votes, and a candidate must reach 270 to win.
According to the analysis website 538 and the US broadcaster ABC News, Harris has a small lead in Nevada, Wisconsin, Pennsylvania and Michigan. Trump has small gains in Georgia, North Carolina and Arizona.
(Reuters contributed reporting.)
