Truth Social Stock Jumps as Election Prediction Markets Drift Toward Trump

Key Takeaways

• Shares of the parent company of social media app Truth Social are up significantly Tuesday for a second consecutive day.
• The 2024 election odds have lately shifted in former President Donald Trump’s direction on Polymarket.
• Truth Social on Monday introduced a web version of its Truth+ streaming service.

Shares of the parent company of Truth Social are soaring again. 

Trump Media & Technology Group (DJT) shares were recently up some 10%, backing a bit off earlier highs, on the heels of an 18% jump Monday. The stock has lately raced upward from September lows, trading at levels last seen in July.

Investors may be reacting to a perceived increased likelihood that former President Donald Trump, majority owner of Trump Media’s shares, will win the 2024 presidential election race against Vice President Kamala Harris. Trump’s chances on prediction market Polymarket have climbed roughly 3 percentage points since Monday to around 58%.

Trump Media on Monday launched a web version of its Truth+ TV streaming service. The platform includes a selection of “news, entertainment, faith-based programming, weather, documentaries, children’s content, and more.”

In addition to a recently announced Truth+ Android app, the company says it plans to introduce an iOS app and bring the service to connected TV platforms including Apple TV and Amazon Fire.

Trump Media shares remain off April highs around $80.

Read the original article on Investopedia.