Trump Media & Technology Group Corp. DJT shares are soaring this week following a controversial campaign rally held at Madison Square Garden in New York City on Sunday night.
The Details: Republican Presidential nominee Donald Trump hosted a campaign rally with a sold-out crowd at Madison Square Garden in New York, a state that historically favors Democratic party candidates. The event's speakers included Elon Musk, Robert Kennedy Jr., Grant Cardone, Rudy Guiliani and Hulk Hogan.
Comedian Tony Hinchcliffe, host of the "Kill Tony" podcast known for his roast comedy style, delivered a controversial and heavily criticized comedy set that included comments about different ethnicities and races that some deemed offensive.
The rally at Madison Square Garden turned out to be a significant event in Trump's campaign and garnered substantial attention, both negative and positive, across the political spectrum.
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Trump Media & Technology tends to trade on news and events related to Trump's Presidential campaign more than the fundamentals of the company's Truth Social business. On Monday, the first day of trading following the rally at Madison Square Garden, Trump Media stock ended the session up more than 21%, adding to its five-week streak of gains.
“It’s a binary bet on the election,” Matthew Tuttle, CEO of investment fund Tuttle Capital Management, told Yahoo Finance on Monday.
Betting markets and prediction sites like Polymarket and Kalshi show Trump’s presidential chances ahead of those of Democratic nominee and Vice President Kamala Harris. The latest odds show the former president with a 66.1% chance of winning, while Harris stands at 33.9%. Most traditional polls show Harris with a slight lead.
Tuttle suggested the gains are unlikely to hold and sees the stock falling after the election, even if Trump wins. The investment fund manager also revealed he owns put options on DJT stock, a testament to his view of the stock's pending reversal.
“I would imagine that the day after him winning, you’d see this come down,” he said. “If he loses, I think it goes to zero.”
DJT Price Action: According to Benzinga Pro, Trump Media & Technology shares are up 12.25% at $53.16 at the time of publication Tuesday.
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