Trump Stock Trading Suspended on Election Day
It is not exactly a secret that Trump’s Truth Social would live and die with Trump’s political career.
If Trump wins, the stock soars. If Trump loses, Truth Social is probably done.
As confidence soared on Trump on election day, so did the volatility of the stock, which resulted in trading being suspended.
Panicking
I like to call what happened to Trump’s stock on Tuesday as the “just in case” sell-off.
Trump’s stock got hit hard early in the day with investors hoping to get maximum value on the stock just in case Trump lost.
The stock initially dropped from $40 to $35.51, so trading on the stock was halted for five minutes.
When trading resumed, the stock continued to slide, and another pause was ordered, then a third when it hit $34.35.
At the time of the negative run, CNBC reported, “Shares were last down about 4% midday after being halted. Action in Trump Media was heavy, with the stock on pace to more than double its average daily trading volume of the last 30 days. At one point in Tuesday’s session, the stock traded about 15% higher.”
Needless to say, those who held the stock or bought it when it was sliding will be rewarded.
The recent high for the stock was $51 on October 28, and while it has a ways to go, it is recovering from the recent hit.
As of this report, the stock was up 4.12%, trading at $35.35 and on the rise.
In terms of where the stock goes from here, it is still a risk, with Venture capitalist Gene Munster commenting, “I wouldn’t touch DJT because I think the downside is zero, and I’m not sure how much upside there is.”
In my opinion, this election probably saved Trump Media. Had he lost, the company would have tanked for sure.
Now, with this win, the company has plenty of time to transition away from Trump being the major focus, but Devin Nunes better get the ball rolling because after Trump leaves office, the platform will need to be able to move away from Trump and make itself useful as something other than an echo chamber for the 45th and 47th president of the United States.
