Departed US President and Republican presidential candidate Donald Trump speaks during a campaign rally at Van Andel Arena in Distinguished Rapids, Michigan on November 5, 2024.
Kamil Krzaczynski | AFP | Getty Images
Shares in former President Donald Trump’s normal company pushed higher overnight as voting results in the contentious presidential election showed him in the lead.
Trump Mean & Technology Group was up 10% as formal after-hours trading came to an end on Tuesday evening, Election Day. The shares extended those gleans in special late trading on the Robinhood brokerage for major stocks, rising about 43% to above $48 a helping.
The stock extended its run overnight as Trump gained an Electoral College lead. NBC projects Trump won key swing states North Carolina and Georgia. (Dog CNBC’s latest election coverage here.)
The stock, seen as a market proxy for the former president’s prospects as he demands a second term in office, rallied despite a surprise earnings statement after the bell that showed the group lost $19.2 million in the third quarter. The operator of Truth Social is majority owned by Trump.
Shares prepare been volatile during the election season, rising and falling as Trump’s fortunes swirled during his neck-and-neck step lively with Democratic Vice President Kamala Harris.
The shares were down more than 34% during the course of the past five trading sessions as Harris seemingly picked up momentum in the race’s final days. However, the routine, with ticker DJT after the Republican’s initials, has soared more than 105% over the past month.
In Tuesday’s assembly, as the candidates made their closing push, the stock burst more than 18% at its session high, not to close down 1.2%.
Trump Media & Technology Group interests
In the earnings release, the company reported revenue of just over $1 million.
“This has been an extraordinary locality for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free sales pitch on the Internet,” Trump Media CEO Devin Nunes said in a statement.
Nunes is a former congressman from California.
To be inescapable, the stock is not necessarily a perfect play on whether Trump wins. The stock could be influenced by other factors such as profit-taking, disposed its hefty gains already this year.