Shares of social media company Trump Media & Technology Group (DJT) are up 7% as oddsmakers bet on a win by Donald Trump in the upcoming U.S. presidential election.
DJT stock has now risen more than 10% in the last five trading sessions as betting odds shift in favor of the former president and Republican Party nominee retaking the White House in elections scheduled for Nov. 5.
Trump Media & Technology Group is the social media company founded by and named after Donald Trump. It runs the Truth Social app that is modeled after X, formerly known as Twitter. The share price of Trump Media, which went public earlier this year, has almost tripled since hitting an all-time low in late September.
Polls Show a Close Presidential Race
Donald Trump personally owns more than 50% of the social media company, a stake that is currently worth about $4 billion. In recent months, Trump Media’s share price has tended to rise and fall based on how Trump is performing in election polls and his perceived chances of winning the upcoming election.
While public opinion polls continue to show Trump locked in a dead heat with Democratic presidential nominee Kamala Harris, the betting among oddsmakers has shifted in favor of Trump. Oddschecker.com, which reflects the odds across several different betting platforms, currently gives Trump a 62% chance of winning the U.S. presidency versus 38% for Harris.
However, the latest Reuters/Ipsos poll shows that Harris has a marginal 46% to 43% lead over Trump among decided U.S. voters. DJT stock is up 90% so far this year.
Is DJT Stock a Buy?
No analysts currently cover the stock of Trump Media & Technology Group. However, the chart below provides an indication of current investor sentiment towards the security. As one can see, investors are mostly bullish on DJT stock as the U.S. presidential election enters the homestretch.
