On a tumultuous Election Day on Wall Street, Trump Media & Technology Group's stock (DJT) finished down 1.2% after climbing over 15% earlier in the day.
Trump Media trading, which was halted three times Tuesday due to extreme volatility, saw particularly high volume. More than 147 million shares were exchanged in the session -- nearly triple the 30-day average of 52.1 million.
The stock's volatility is linked to the presidential election between Donald Trump and Kamala Harris, with investors anticipating dramatic price movements based on the result at the ballots, according to Yahoo News.
"It's a binary bet on the election," Matthew Tuttle, CEO of investment fund Tuttle Capital Management, recently told the news outlet.
Tuttle, who bought put options on Trump Media & Technology Group's stock, said the share's buying trend is based on "a buy the rumor, sell the fact" trading strategy.
"I would imagine that the day after him winning, you'd see this come down," he said, theorizing that if Trump loses it'll tank to "zero."
While DJT shares have more than doubled since September, they remain incredibly volatile. In August, the parent company hit a record low in stock price, closing at $22.24.
The company–which operates Truth Social, a social media platform that surged in value overtaking Elon Musk's X–has faced financial struggles, including a recent loss of $16.4 million.
Despite challenges, betting markets have favored Trump, although recent polling shows a tight race with Harris gaining ground in key battleground states.
Later Tuesday, Trump Media released its quarterly earnings report, revealing more losses for the Truth Social parent. The company reported revenues of just over $1 million.
