Shares of Trump Media & Technology Group (DJT) rose further on Wednesday, rising about 5% in afternoon trading as investors bet on former President Donald Trump’s improved chances of winning the November election in less than two weeks.
The moves come after shares hit their highest level since July on Tuesday, closing down nearly 10%.
Other Trump-related stocks rose along with DJT, while mobile advertising software company Phunware (PHUN), which has ties to the former president, rose about 15% on Wednesday. rising above 40% the previous session.
Conservative-leaning video platform Rumble (RUM) saw previous upside moves, rising as much as 8% on Wednesday. But the stock gave up those gains by midday, with shares down 4%.
Shares in the company, home to the Republican candidate’s social media platform Truth Social, have recently surged as both domestic and foreign betting markets shift in favor of a Trump victory, with prediction sites like Polymarkt, Predict itAnd Kalshi All of this shows that Trump’s presidential chances are greater than those of Democratic candidate and current Vice President Kamala Harris.
National pollsHowever, both candidates are in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which will likely determine the fate of the election.
The stock’s recovery comes after shares traded at their lowest levels since the company’s debut following the expiration of its much-publicized lock-up period last month. Stocks were also under pressure as previous polls in early September showed Harris slightly ahead of the former president.
Trump’s recent campaign momentum, including a stop at a local McDonald’s in Pennsylvaniafollows an appearance by Elon Musk at his rally in Butler, Pennsylvania, earlier this month. It was the same location where the former president survived an assassination attempt in July.
Tech billionaire Musk, who is CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support for Trump ahead of next month’s election. Trump even said it he is said to be considering a cabinet position for Musk, but that the businessman probably couldn’t serve “with all he has to offer.”
During the rally, Musk told the crowd that Trump is the only candidate who can “preserve democracy in America,” adding that this will be “the last election” if Trump does not win.
Meanwhile, Harris has done just that started recently after a wave of media appearances in which she was pressed on how she would finance some of her proposals on the economy and immigration.