President-elect Donald Trump got another unexpected gift after his historic comeback victory over Vice President Kamala Harris.
CNBC reported Wednesday morning that shares of Trump Media & Technology Group, the umbrella company that owns the Truth Social platform, soared 16 percent shortly after Wall Street opened, “paring gains from the premarket session that pushed shares up about 50% and above $51 a share.”
The stock continued its upward trajectory overnight as Trump established a solid lead in the Electoral College, significantly narrowing Vice President Kamala Harris’s path to victory.
Trading was halted several times on Wednesday morning due to volatility, CNBC reported.
The stock, considered a market proxy for the former president, rallied despite a surprise earnings report released after the bell indicating a loss of $19.2 million in the third quarter. Trump owns a majority of the company that runs Truth Social.
Shares have experienced volatility throughout the election season, fluctuating as Trump’s fortunes shifted during his tight race against Democratic Vice President Kamala Harris.
