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Trump Media & Technology Group (NASDAQ: DJT), the parent company of the social media platform Truth Social, has seen strong, sudden upward movements in stock price in the last couple of weeks — particularly as poll numbers remain close and prediction markets show increased odds of a second Donald Trump presidency. Notably, DJT stock price has increased by 56.60% over the last thirty days. However, on October 15, Trump Media share prices rapidly declined by 9.65%, triggering a Nasdaq mechanism that suspends trading when unusual volatility occurs. At press time, DJT was trading at $27.06 — the media mogul and presidential candidate’s company is still up 55.07% year-to-date (YTD). DJT daily stock price chart. Source: Google Finance On the day of the crash, DJT shares opened at $32.20 — by 10 a.m. Eastern Time (ET), they had reached an intraday high of $33.54. After that, it retraced back down to $31.40, following which it traded in the $32 – $33.5 range. From 1.45 p.m. the stock enters a prolonged downswing — going from $32.20 to $30.54 by 2.35 pm. This is followed by a very sharp drop — by 2.42 p.m., prices have dropped to $28.95, and Nasdaq suspends trading. The suspension only lasted for approximately five minutes — but the damage had already been done — if anything, traders were spooked by the halting of trades, and DJT share prices dropped to $27.06 by the closing of the day, having experienced a 9.65% drop. Possible causes behind DJT crash This abrupt reversal has sparked widespread speculation and discussion. The Nasdaq’s mechanism for suspending trading isn’t a particularly rare sight — however, its exact criteria are unknown. There’s no doubt as to the fact that this was, indeed, an unusual spike in volatility — and it could have been caused…

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Filed under: News - @ October 16, 2024 10:19 am