Trump Media shares halted five times on Tuesday morning amid volatile trading
Stock is nearing its yearly high after cratering in September
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Stock trading on Donald Trump’s media holding company was paused five times on Tuesday morning amid high volatility, according to the New York Stock Exchange.
By 10.15am ET, Truth Social’s parent company Trump Media and Technology Group had surpassed its 30-day average trading volume of 35.1 million shares, according to CNBC.
The rally follows multiple hectic days on the market, which saw the company’s share price rise 33 percent across Friday and Monday.
After the pauses, the stock continued on its upward trajectory, which began in late September after the stock bottomed out around $12 a share. As of 1.15pm ET, TMTG was trading at $51.63 per share.
Trading was also paused earlier this month for excess volatility.
Stock in Trump media often acts like an unofficial poll on the former president’s political momentum, rather a pure reflection of the company’s financials. The company posted a more than $16m loss in the second quarter, with revenues of less than $1m.
Even as Trump himself faces blowback for a recent rally at Madison Square Garden featuring numerous racist comments, investors seem bullish on the former president.
The stock is now edging closer to its peak 2024 price of above $66 dollars, which came in late March as Trump Media went public via a special purpose acquisition company.
Since then, the company’s share price has been all over the place, plunging nearly 20 percent on the first day of Trump’s hush money trial in April, then spiking after Trump debated against Biden and survived an assassination attempt.
These fluctuations have driven multi-billion dollar changes in the net worth of Trump, who is the company’s majority shareholder.
As The Independent has reported, political betting markets in and outside the US have also gone all-in on Trump, often showing far more support for the Republican than national polls, which continue to project a close race.
The Independent’s poll tracker shows Kamala Harris with a 1.4 percent project lead over Trump.
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