Trump Media shares post double-digit gains after-hours trading
Shares of the media company owned by former President Donald Trump jumped higher after trading on Tuesday as voting in the contentious presidential election campaign ended.
Trump Media & Technology Group was up 10% after-hours trading concluded on Tuesday evening, Election Day.
The stock, seen as a market indicator for the former president’s prospects of earning a second term in office, recovered despite a startling financial report that showed the company lost $19.2 million in the third quarter.
As Trump’s fortunes fluctuated throughout his close contest with Democratic Vice President Kamala Harris, shares have fluctuated throughout the election season.
The company claimed slightly more than $1 million in revenue in the results statement. In a statement, Trump Media CEO Devin Nunes said, “This has been an extraordinary quarter for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet.”
The shares had fallen more than 34% over the previous five trading sessions, but Harris seemed to pick up steam. However, the stock traded under the symbol DJT, derived from the Republican’s initials, has risen more than 105% in the last month. Given the stock’s strong increases this year, other factors, such as profit-taking might influence the company’s valuation.
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