Trump Media & Technology Group Corp (NASDAQ:DJT) shares are seeing elevated volatility Tuesday afternoon as Americans cast votes for the next president of the U.S.

What To Know: Shares of Trump Media, which is the parent company of social media platform Truth Social, are bouncing around on Tuesday and have been halted for volatility twice in afternoon trading. The stock has moved up and down in recent months alongside former President Donald Trump’s chances of reelection. Trump has close to a 57% stake in Trump Media. 

The recent price action in Trump Media shares has been detached from the company’s fundamentals. In the second quarter, Trump Media reported a net loss of $16.4 million, or 10 cents per share, and sales of just $836,900.

Trump Media shares are still up more than 60% over the past month. The move coincides with a surge in Trump’s odds to win the election on betting sites such as Polymarket and Kalshi.

At the time of writing, Trump had a 61% chance of winning the 2024 presidential election on Polymarket, versus Vice President Kamala Harris’ 39% chance of winning. On Kalshi, Trump is listed with a 57% chance of winning, with Harris coming in at 43%.

However, recent polls still have Harris ahead of Trump, although her lead has narrowed in recent weeks. The final Morning Consult poll of likely voters showed Harris getting 49% of the vote, down from 50% a week earlier, but still ahead of Trump’s 47%.

Don’t Miss: Harris Vs. Trump: Vice President Has Two-Point Lead In Final Election Poll, Swing States Remain Close With Four Deadlocks Ahead Of Election Day

Trump and Harris need to secure at least 270 electoral votes to win the presidency. It may take a while to determine a winner after the polls close on Tuesday, which would likely add to the elevated volatility in Trump Media shares this week.

DJT Price Action: Trump Media shares traded as high as $40.74 on Tuesday before pulling back. The stock was down 1.16% at $33.94 at the time of publication Tuesday, according to Benzinga Pro.

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