Trump Media Shares Surge as Betting Odds Favor Trump

(Reuters) – Shares of former U.S. President Donald Trump's media company rose to their highest since June on Monday, continuing a rally as betting odds favored the Republican candidate in his final push for reelection to the White House.

Shares of Trump Media & Technology Group, which operates the Truth Social app, jumped 20% to $46.93. The stock has nearly quadrupled since dropping to an all-time low in late September.

Since its listing, Trump Media has attracted traders who view it as a speculative bet on Trump winning the election on Nov. 5. Trump owns 57% of the company, making his stake worth over $5 billion.

In the June quarter, Trump Media reported revenue of $837,000 and is currently burning cash. Analysts say its $9 billion market valuation is disconnected from its ongoing business performance.

With eight days until the election, betting odds indicate Trump is likely to defeat Vice President Kamala Harris, the Democratic candidate. Opinion polls, however, show a tight race in the crucial seven battleground states.

Oddschecker.com shows Trump at approximately a 62% chance of winning, with Harris at around 38%. On the PredictIt platform, Trump victory contracts traded at 61 cents with potential for a $1 payout, while Harris contracts were at 43 cents. Polymarket gives Trump a 66% chance and Harris a 34% chance of victory.

Bitcoin also increased by 2.5%, continuing its recent gains, aligning with Trump's pro-cryptocurrency stance. Meanwhile, Harris was traveling to Michigan to focus on economic issues, while Trump was en route to Georgia to rally support from religious voters.