Shares of Trump Media and Technology Group have made a sudden turnaround after weeks of bleeding.

Shares of Trump Media rose nearly 15% to trade at $24.60 per share on Wednesday. It was not immediately clear why shares of Trump Media, the company behind former President Donald Trump’s social network, Truth Socialreversed course so abruptly after two consecutive days of all-time lows after the merger.

On Tuesday, the value of the company’s shares fell to a post-merger low of $21.33. However, Wednesday’s price movements erased Millions of dollars in market value losses The company has suffered losses in recent days and weeks, causing its market capitalization to fall to $4.85 billion.

Since its March 26 IPO under the ticker symbol DJT on the Nasdaq, Trump Media shares have fallen by about 58%. Trump Media did not conduct a traditional IPO, but instead completed a Merger with Digital World Acquisition Corp., an acquisition special purpose vehicle, or SPAC.

Immediately after its IPO, Trump Media had a market value of around $8 billion – billions more than today.

Trump Media was referred to as a “meme stock”, How GameStop, AMCAnd Redditas its shares are traded largely on the sentiment surrounding the former president – ​​who is a Majority owner – and not the actual operating results or prospects of the Company.

This has special volatility in the media company’s stock. The shares have fallen after Trump’s Conviction in his New York hush money trial and his Debate performance against President Joe Biden in June and last month Assassination at a campaign rally in Pennsylvania.

Wednesday’s surge coincides with a rise in bets that Trump will win the 2024 presidential election against Democratic Vice President Kamala Harris, according to prediction market platform Polymarket. The site allows people to bet on the outcome of events using cryptocurrency. Users gave the Republican candidate a 52% chance of winning on Wednesday, despite several Surveys shows Harris with a light lead.