A prominent feature of the 2024 U.S. election has been the ascendance of various outcome-betting platforms and means over more traditional polls. Indeed, websites and companies such as Polymarket and Kalshi became household names for many – and, arguably, called the election way ahead of legacy media.
Trump Media (NASDAQ: DJT) stock was another example – though different than the gambling platforms – of this trend with investors seemingly generating vast buying pressure when Donald Trump appeared ahead and selling en masse on every Kamala Harris ‘win.’
Still, those who hoped that the Republican victory would lead to more substantial gains – perhaps substantial enough to close the gap to $90 needed for people like Representative Marjorie Taylor Greene to be up on her investment – for DJT shares were, as it turned out by press time on November 29, left holding the bag.
Picks for you
DJT stock plunges as Donald Trump gets re-elected
Specifically, Trump Media stock stood at $33.94 on election day and, though it climbed to $35.96 a day later when the Republican was declared the victor, it plunged subsequently and at the latest close, DJT shares were changing hands at $30.44.
Overall, the social media company’s securities are down 40.90% in the last 30 days, 10.3% since November 5, and are 15.35% below the highs they reached on November 6.
Cumulatively, this means that an investor who decided to wager $1,000 on election day that Donald Trump would be the next president – and that this outcome would lead DJT into a rally – would have lost $154.
Was DJT stock a bad bet in 2024?
Still, the ardent fans of the former and future president who saw Kamala Harris’ entry into the race and her initial popularity as a ‘buy the dip’ opportunity, as well as those who believed the tide was again shifting in late September and early October, would certainly be ‘in the money’ at press time.
Looking at the historical chart for DJT shares, the best day to enter a position in 2024 was September 23, when Trump Media stock was trading at $12.15. A $1,000 investment made at the time would have grown to $2,505 – a 150.53% return.
Featured image via Shutterstock
