STOCK MARKET: Trump Media shares surge 16% as Trump wins presidential election

Shares in former President Donald Trump‘s media company pushed higher in early trading as NBC News results projected him winning the contentious presidential election.

Trump Media & Technology Group were last up about 16% shortly after the opening bell on Wall Street, paring gains from the premarket session that pushed shares up about 50% and above $51 a share.

The stock extended its run overnight as Trump gained a solid Electoral College lead, and narrowed the path to victory for Vice President Kamala Harris.

Trading was halted multiple times Wednesday morning due to volatility.

The stock, seen as a market proxy for the former president, rallied despite a surprise earnings statement after the bell Tuesday that showed the company lost $19.2 million in the third quarter. The operator of Truth Social is majority owned by Trump.

Shares have been volatile during the election season, rising and falling as Trump’s fortunes swirled during his neck and neck race with Harris.

The shares were down more than 34% over the past five trading sessions as Harris seemingly picked up momentum in the race’s final days. However, the stock, with ticker DJT after the Republican’s initials, has soared more than 105% over the past month.

In Tuesday’s session, as the candidates made their closing push, the stock burst more than 18% at its session high, only to close down 1.2%.

In the earnings release, the company reported revenue of just over $1 million.

“This has been an extraordinary quarter for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet,” Trump Media CEO Devin Nunes said in a statement.

Nunes is a former congressman from California.

To be sure, the stock is not necessarily a perfect play on the Trump victory. The stock could be influenced by other factors such as profit-taking, given its hefty gains already this year.