US Election 2024: Donald Trump’s Social Media Company Suffers Setback, Details Emerge
- Trump Media stock was halted twice on Tuesday, November 5, owing to volatility in midday trading on Election Day in the US
- Shares of Trump Media and Technology Group stock (DJT) were trading above $40 after 1.30 PM ET but suddenly fell to $35.51 when the first five-minute halt occurred at 2.48pm
- Trading resumed in two minutes, but shares turned negative for the day and were halted again
Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering politics, elections, and global issues.
Washington, D.C., USA - Donald Trump's social media company was temporarily halted — twice — after a sudden plunge on Election Day in the United States (US).
The development follows a massive surge, according to The Times of India on Tuesday, November 5.
Source: Getty Images
Shares of Truth Social owner Trump Media & Technology Group, which trades under the symbol “DJT,” briefly turned negative after spiking as much as 17% earlier on Tuesday, November 5. After the stock was halted for volatility, shares began to recover and were last up 4%.
It was not immediately clear what caused the massive sell-off and rebound. Prediction markets saw little movement on Tuesday, November 5, while other so-called 'Trump trades,' betting on a victory for the former US leader, remained strong.
Steve Sosnick, chief strategist at Interactive Brokers, said:
“Markets are very thin and skittish, DJT exceptionally so."
Legit.ng reports that the 2024 US presidential election, the 60th quadrennial presidential election, is currently being held on Tuesday, November 5, 2024.
Voters in each state and the District of Columbia will choose electors to the Electoral College, who will then elect a president and vice president for a term of four years.
The presidential election will take place at the same time as elections for the US senate, house, state governorships, and state legislatures. Key battleground states for the presidential election include Michigan, Arizona, Georgia, Nevada, Wisconsin, North Carolina, and Pennsylvania.
Trump to watch election results from Florida
Earlier, Legit.ng reported that Trump would watch the election results with friends and family members.
Trump is expected to monitor the election's outcome at his Mar-a-Lago resort in Florida.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
