Investing.com - Trump Media & Technology Group Corp (NASDAQ:DJT) stock added more than 24% in premarket trading, as the results of the 2024 US presidential election suggested a likely victory for Donald Trump.
Trump owns almost 57% of the parent of the Truth Social platform, according to a recent regulatory filing. Trump Media went public in March following a tie-up with special purpose acquisition vehicle Digital World Acquisition Corp.
Like the US dollar and Bitcoin, moves in the stock in recent weeks have roughly mirrored investors' expectations of Trump winning a second four-year term in the White House.
In mid-July, it spiked after a failed assassination attempt on Trump, then slipped in the wake of Kamala Harris replacing President Joe Biden as the Democratic Party's nominee. But the stock surged higher yet again when online prediction markets started showing that Trump, the Republican Party candidate, maintained a sizeable advantage of Harris.
Although the race has yet to be called in his favor by most major networks and other news outlets, reported ballots out of a host of states indicate that he is on the verge of a win. Trump has claimed victory in the election, saying the results give him a "powerful mandate."
One network, Fox News, did call a victory for Trump after it projected he would win Wisconsin, a crucial swing state. Trump had garnered 277 electoral college votes, surpassing the 270 needed to win the election, while Harris had gained 226 votes, according to Fox News.
Fox News also showed the former president wrapping up the vote in several other key battleground states, including Pennsylvania, Georgia and North Carolina.
Meanwhile, coverage by the Associated Press and other regional networks showed Republicans had taken a majority in the Senate, the upper chamber of the US Congress, and were also on track to win the House of Representatives, raising the possibility of a Republican sweep in the 2024 elections.
Such a scenario would present an easier path for Trump to enact major policy changes if elected.