Former US President and Republican presidential candidate Donald Trump speaks throughout a marketing campaign rally at Van Andel Enviornment in Grand Rapids, Michigan on November 5, 2024.
Kamil Krzaczynski | AFP | Getty Photos
Shares in former President Donald Trump’s media firm pushed larger in a single day as voting ends in the contentious election confirmed him closing in on the presidency.
Trump Media & Know-how Group rose about 43% to above $48 a share on Robinhood’s after-hours platform.
The inventory prolonged its run in a single day as Trump gained a strong Electoral Faculty lead, narrowing the trail to victory for Vice President Kamala Harris. NBC initiatives Trump gained key swing states North Carolina, Georgia and Pennsylvania. (Observe CNBC’s newest election protection right here.)
The inventory, seen as a market proxy for the previous president’s prospects as he seeks a second time period in workplace, rallied regardless of a shock earnings assertion after the bell that confirmed the corporate misplaced $19.2 million within the third quarter. The operator of Reality Social is majority owned by Trump.
Shares have been risky throughout the election season, rising and falling as Trump’s fortunes swirled throughout his neck-and-neck race with Democratic Vice President Kamala Harris.
The shares had been down greater than 34% over the previous 5 buying and selling periods as Harris seemingly picked up momentum within the race’s last days. Nevertheless, the inventory, with ticker DJT after the Republican’s initials, has soared greater than 105% over the previous month.
In Tuesday’s session, because the candidates made their closing push, the inventory burst greater than 18% at its session excessive, solely to shut down 1.2%.
Trump Media & Know-how Group shares
Within the earnings launch, the corporate reported income of simply over $1 million.
“This has been a rare quarter for the Firm, for Reality Social customers, and for our legion of retail buyers who assist our mission to function a beachhead free of charge speech on the Web,” Trump Media CEO Devin Nunes mentioned in a press release.
Nunes is a former congressman from California.
To make sure, the inventory will not be essentially an ideal play on whether or not Trump wins. The inventory may very well be influenced by different elements reminiscent of profit-taking, given its hefty good points already this 12 months.
