Shares of Trump Media & Technology Group (DJT) was briefly halted due to volatility late Tuesday afternoon as investors prepared. for wilder swings with election day underway in the United States.

Stocks quickly erased 15% gains and reversed Monday’s gains. double-digit percentage increase to start the week.

The stock recovered somewhat from deeper losses, but still closed down just over 1%.

The shares have suffered their largest percentage decline last week and closed down about 20% to end the five-day period Friday, shaving about $4 billion off the company’s market capitalization. The stock still more than doubled from its September lows.

The latest price action comes as investors await the results of the presidential election between Republican candidate Donald Trump and Democratic candidate Kamala Harris.

Stock volatility is expected to continue. One investor warned that if Trump loses the election, DJT shares could fall to $0.

“It’s a binary bet on the election,” Matthew Tuttle, CEO of investment fund Tuttle Capital Management, recently told Yahoo Finance. Catalysts.

Learn more: Trump vs. Harris: 4 ways the next president could impact your bank accounts

Tuttle, who currently holds put options on the stock, said the stock’s trajectory depends on a “buy the rumor, sell the fact” trading strategy.

“I imagine the day after he wins, you would see that go down,” he surmised. “If he loses, I think it goes to zero.”

Interactive Brokers chief strategist Steve Sosnick said DJT had taken on a “life of its own.”

“It was volatile on the upside, and when a stock is that volatile in one direction, it tends to be volatile in the other direction,” he said on a call with Yahoo Finance this week last.

Before the recent volatility, shares of the company – which hosts the Republican candidate’s social media platform, Truth Social – has increased steadily in recent weeks as domestic and foreign betting markets tilted in favor of a Trump victory.

Prediction sites like Polymarket, Plan itAnd Kalshi all showed Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris. That lead narrowed significantly over the weekend, however, as new polls showed Harris surpassing Trump in Iowa, who has historically voted Republican.

And as betting markets tighten, national polls show the two candidates in a virtually deadlocked race. Polls in key battleground states like Pennsylvania, Michigan and Wisconsin, which are likely to decide the fate of the election, also show razor-thin margins.

In September, the stock traded at its lowest level since the company’s debut after its much-publicized blocking period expired. Stocks have also been under pressure, as previous polls in September gave Harris a larger lead over the former president.

Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now X, following the Capitol riots on January 6, 2021. Trump has since been reinstated on these platforms. He officially return to publication on X in mid-August after about a year of hiatus.

While Truth Social attempts to take on social media incumbents, the fundamentals of the business have long been called into question.

In August, DJT reported second-quarter results that showed a net loss of $16.4 million, about half of which was related to expenses related to the company’s SPAC deal. The company also reported revenue of just under $837,000 for the quarter ending June 30, a 30% year-over-year decline.

Last month, the company revealed that its COO had resigned in September.

Trump maintains an approximate position 60% interest in DJT. At current levels of around $35 per share, Trump Media has a market capitalization of around $6.8 billion, giving the former president a stake worth around $4.1 billion .

Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on @allie_canal, LinkedIn, and email her at [email protected].

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