Shares of Trump media company surge to highest in six weeks

ReutersOct 11, 2024 8:42 AM

NEW YORK (Reuters) - Shares of former U.S. President Donald Trump's media company hit their highest closing level in about six weeks on Thursday, with the stock rising 17.3% on brisk volume as it extended recent gains.

Trump Media & Technology Group, which is 57% owned by the Republican presidential nominee running against Vice President Kamala Harris, is now up 46% for the week so far, closing at $24.12.

About 44 million shares exchanged hands in the session, roughly triple their 30-day average volume, according to LSEG data.

Trump's odds of winning the Nov. 5 U.S presidential election have edged higher on PredictIt in recent days, climbing to 52 cents from 49 cents a week ago.

Harris' odds are the same at 52 cents, but they are down from 55 cents a week ago, according to PredictIt.

PredictIt is an online prediction marketplace that offers investors clues to the outcome of the election, outside of traditional political polls.

A new Reuters/Ipsos poll this week showed Harris leading Trump by a marginal three percentage points, 46% to 43%, as the two remain locked in a close race.

Trump Media saw its value balloon to nearly $10 billion following its Wall Street debut in March, lifted by Trump supporters and retail traders who saw it as a speculative bet on his chances of securing a second four-year term as president.

(Reporting by Caroline Valetkevitch; Additional reporting by Saqib Iqbal Ahmed and Lance Tupper; Editing by Daniel Wallis and Chris Reese)

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