Trump Media, whose majority owner is Donald Trump, had jumped nearly 15% to $39 earlier
Trump Media, whose majority owner is Donald Trump, had jumped nearly 15% to $39 earlier on Tuesday. Trump Media is also behind the social media platform Truth Social, and the stock is seen as a proxy for Trump’s chances of winning.
In an unexpected filing after the markets closed, Trump Media, also announced it saw a third-quarter operating loss of $23.7 million and a net loss of $19.2 million, along with reporting a 5.6% decline in revenues.
Retail sentiment fell from ‘bearish’ (36/100) a day ago to ‘extremely bearish’ (21/100). Meanwhile, the accompanying message volumes moved into the ‘extremely high’ zone.
Along with Trump Media, Phunware Inc. ($PHUN) and Rumble Inc. ($RUM), stocks had also seen increases as polls predicted a possible Republican victory in the 2024 US election.
Meanwhile, several traders continued to buy the stock amid the uncertainty of who will win, New York Post reported, saying that Truth Social, “at some point, maybe sooner rather than later, could get subsumed by the mega-MAGA supporting Elon Musk, and his own social media platform X, formerly known as Twitter.”
As voting progressed on Tuesday, the first exit polls were also released, suggesting that nearly three-quarters of the voters believe democracy was under threat, Reuters reported.
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