Trump Media, the company majority owned by former President Donald Trump, experienced a volatile trading session on the Nasdaq under the ticker DJT.
The stock faced multiple halts due to extreme volatility, with trading being suspended five times within the first two hours.
The stock fluctuated wildly, with shares surging approximately 14% at one point and dipping more than 2% before rebounding.
By 11 a.m., DJT shares had climbed over 6%, with trading volume surpassing the company's 30-day average.
The trading frenzy continued, with total volume exceeding 134 million shares by 1:15 p.m., marking the highest trading level since October 2021 when Trump Media announced its merger with DWAC.
The recent trading activity follows a significant surge in DJT stock, which had already increased by more than 21% on the preceding Monday.
This uptick is part of a broader pre-election rally that began in late September, reversing a months-long sell-off.
In just over a month, shares have skyrocketed to more than four times their previous price, reflecting a remarkable 224% increase so far this month.
Despite the company's struggles with revenue generation and reporting losses over recent fiscal quarters, Trump Media boasts a market capitalization exceeding $10 billion.
Analysts suggest that the stock's appeal among pro-Trump retail investors is a significant factor in its recent performance.
Trump's ownership stake in the company is substantial, holding nearly 57% of Trump Media.
At the close of trading on Monday, his stake was valued at over $5.4 billion, constituting more than half of his reported net worth.
The recent surge in Trump Media's stock price has coincided with heightened political activity, particularly following a major campaign rally held by Trump at Madison Square Garden.
This rally appears to have energized his base, contributing to the stock's upward momentum.
Additionally, political betting markets have shown a shift in favor of Trump over his Democratic opponent in recent weeks, further influencing investor sentiment and stock performance.
The volatility of DJT shares throughout the trading day highlights the intersection of finance and politics, with the former president's actions and public appearances directly impacting market dynamics.
The ongoing fluctuations in stock price and trading volume serve as a reminder of the unpredictable nature of the market, particularly when intertwined with significant political events.