Shares of Trump Media DJT surged on Election Day as traders bet that a potential GOP nominee victory would boost business

shares Trump Media and Technology Election Day rose on Tuesday, with traders betting that a second Trump presidency will give a boost to operator Truth Social's business prospects.

The stock, which trades under the ticker DJT — former President Donald Trump's initials — is also seen as a proxy for the Republican nominee's prospects of regaining the White House. Wall Street research firms listed the stock as one to watch through Tuesday.

Shares were last up about 15% at midday. The action at Trump Media has been heavy, with the stock rising to more than double its average daily trading volume over the past 30 days.

Since the beginning of the year to date, the number of Trump Media companies, of which Trump is majority owned, has nearly doubled. However, it has faced difficulties recently, as Vice President Kamala Harris appeared to be gaining momentum ahead of Election Day. Shares are down 33% over the past week. But the stock rose 12% on Monday.

“We trade like this GameStop “It's on steroids right now,” Jay Woods, chief global strategist at Freedom Capital Markets, told CNBC on Monday.

Woods added: “And you know, kudos to those who trade it to make money. But in the long run, the metrics don't make any sense.”

Trump Media shares saw huge inflows from retail traders in the week leading up to the election and was the most discussed stock on Reddit's WallStreetBets page, which gained popularity during the GameStop-fueled stock fad of 2021.

Despite the extreme volatility in DJT stock, the latest NBC News poll showed Trump and Harris neck-and-neck, with both candidates receiving the support of 49% of voters.

-With reporting by Kevin Breuninger and Alex Haring.

Correction: Jay Woods is chief global strategist at Freedom Capital Markets. An earlier version made a mistake in its title.