Trump Media shares are rising as election odds move in the ex-president's favor

The value of former President Donald Trump's media company has risen sharply in the last week as the election draws ever closer.

Shares of Trump Media & Technology Group (TMTG), Truth Social's parent company, have risen nearly 60 percent since opening at $19.04 on October 8. The stock, which trades under the ticker symbol DJT, rose 18 percent on Monday to close at $29.95 per share, continuing an upward trend that began earlier in the month.

Trump Media stock has been extremely volatile since its launch in early 2024, hitting a record low of $12.15 in September.

Newsweek contacted Trump Media & Technology Group for comment on the findings.

According to the Associated Press, Trump owned 57.3 percent of TMTG stock as of August 15. Based on the company's market capitalization of nearly $6 billion, the former president's stake stands at $3.4 billion as of Monday.

The company first went public in March 2024, when shares reached a high of $79.38. However, the company's value has fluctuated alongside Trump's political fortunes, with some analysts attributing the current rise to a tightening in polls and betting odds ahead of November 5th.

“It’s really simple,” says financial expert Matthew Tuttle.

“People are realizing that this stock has the potential to make a difference if Trump is elected,” the CEO of Tuttle Capital Management told CNN. “And if he doesn’t get elected, it will probably go to zero.”

Currently, the betting odds are in favor of Trump, although national polling averages give Vice President Kamala Harris a narrow two-point lead over her rival. The RealClearPolitics betting odds average currently gives the Republican candidate a 53.9 percent chance of winning, while Harris has a 44.9 percent chance.

Since the beginning of September, Harris has had a consistent lead over Trump nationally, but the polls in the swing states are much closer, with all seven of the key states within the margin of error.

In early June, TMTG stock plunged nearly 40 percent when Trump was found guilty of 34 counts of falsifying business records related to an alleged hush money payment to adult film actor Stormy Daniels in the run-up to the 2016 presidential election.

Conversely, TMTG stock rose more than 60 percent, reaching $50.14 per share, as Trump received more favorable coverage following the first assassination attempt against him in July.

Trump's return to the social media platform

Trump continues to use Truth Social and

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