Trump Media shares jump premarket, extending steep recent gains

Investing.com -- The stock price of former US President Donald Trump's media group surged in premarket trading on Tuesday, after they touched their highest level in over two months in the prior session.

On Monday, more than 57 million shares of Trump Media and Technology Group (NASDAQ:DJT ) exchanged hands, in the busiest day for the stock since July 15 -- the first trading day after an attempted assassination on the Republican presidential candidate at a rally in Pennsylvania.

The shares in the Truth Social operator -- which is 57% owned by Trump -- increased by over 18% on Monday, in the latest move higher following a multi-week sell-off.

Shares in Trump Media have now more than doubled in the past two weeks, buoyed in part by an uptick in betting odds that Trump will emerge victorious in the upcoming Nov. 5 presidential election.

Contracts for a Trump win stood at $0.54, with a payout of $1 on Tuesday, according to the PredictIt online platform. Contracts for a victory for Trump's Democratic rival Kamala Harris were at $0.49.

Analysts have argued that changes in the stock often reflect speculation among investors on 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 conservative-leaning outlet Fox News. Sentiment was aided as well by Trump Media's announcement that the lossmaking firm would launch its own video streaming service, Truth+.

With only weeks to go until the Nov. 5 election, Harris is clinging to a narrow lead over Trump in national polling averages.

But, crucially, polls remain all but even in seven key battleground states that could heavily impact the outcome of the all-important Electoral College result. A total of 538 Electoral College votes are available, with a candidate needing to reach 270 to win the presidency.

According to analysis website 538 and US broadcaster ABC News, Harris has slim leads in Nevada, Wisconsin, Pennsylvania, and Michigan. Trump has a slight advantage in Georgia, North Carolina, and Arizona.

(Reuters contributed reporting.)

Source: Investing.com