Nov 5, 2024 - Business

Trading halted on Truth Social stock as investors await Trump's election fate

Nathan Bomey

Photo: Gabby Jones/Bloomberg via Getty Images

Shares of former President Trump's social media company rose sharply Tuesday morning and then plunged suddenly in the afternoon in a volatile session as investors awaited election results.

Why it matters: Trump Media & Technology Group, which owns Truth Social, has become something of a proxy for investors to bet on Trump himself.

A Trump victory could be seen as a positive catalyst for the stock, while a loss could be seen as a negative.

Driving the news: Trading on Trump Media shares — which trade under the ticker DJT, the former president's initials — was halted on the New York Stock Exchange after a fast descent triggered the automatic stop.

Trading stopped at 2:48, 2:55 and 3:02, according to the NYSE.
Such temporary trading stops kick in automatically when stock prices move suddenly beyond certain limits.

By the numbers: After closing Monday at $34.34, the stock jumped in the morning, hitting an intraday high of $40.74.

It then lost all of the day's gains and then some, hitting an intraday low of $31.45 before rising again and topping $35 at 3:22pm.

The bottom line: Volatility is normal for DJT shares, but sharp moves on Election Day will be scrutinized for additional meaning.

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Trading halted on Truth Social stock as investors await Trump's election fate

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