Trump Media & Technology Group stock (DJT) looked set to further extend its five-week surge on Tuesday, rising nearly 20% in premarket trading as investors bet on improved chances that Donald Trump wins the November presidential election.

The stock closed up more than 21% on Monday, following the former president and Republican nominee’s highly criticized rally at Manhattan’s Madison Square Garden (MSG) over the weekend. At current levels, the stock is trading at its highest level since early June, with shares up about 240% from their September lows.

Other Trump-related stocks moved in tandem with DJT. Conservative-leaning video platform Rumble (RUM) climbed nearly 15% on Monday and was about 6% higher early Tuesday. But mobile advertising software company Phunware (PHUN) fell 11% in premarket, after erasing Monday’s intraday gains to close flat.

Trump’s rally sparked backlash from both sides of the political aisle after comedian Tony Hinchcliffe made inflammatory jokes about Latinos and the Black community, while anti-immigration comments also dominated headlines.

The surge in DJT stock is unlikely to continue beyond the short term. One current investor warned that if Trump loses the election next week, shares of DJT could plunge to $0.

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

Tuttle, who currently owns put options on the stock, said the trajectory of shares hinges on “a buy the rumor, sell the fact” trading strategy.

“I would imagine that the day after him winning, you’d see this come down,” he surmised. “If he loses, I think it goes to zero.”

Shares in the company, the home of the Republican nominee’s social media platform Truth Social, have seen a recent rise as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

National polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which are likely to decide the fate of the election.

The recovery in shares comes after the stock traded at its lowest level since the company’s debut following the expiration of its highly publicized lockup period last month. Shares had also been under pressure, as previous polling around early September saw Harris edging slightly ahead of the former president.

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Trump’s recent campaign momentum, which recently included a stop at a local Pennsylvania McDonald’s, follows an appearance by Elon Musk at his rally in Butler, Pa., earlier this month. It was the same location where the former president survived an assassination attempt in July.

Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of next week’s election. Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve “with all the things he’s got going on.”

Musk attended Sunday night’s MSG event, along with UFC president Dana White, former professional wrestler Hulk Hogan, and House Speaker Mike Johnson, among others.

Meanwhile, Harris has recently embarked on a flurry of media appearances in which she was pressed on how she would fund some of her proposals surrounding the economy and immigration. Her most recent rally was held in Houston, Texas, on Friday.

Trump founded Truth Social after he was kicked off major social media apps like Facebook (META) and Twitter, now X, following the Jan. 6, 2021, Capitol riots. Trump has since been reinstated on those platforms. He officially returned to X in mid-August after about a year’s hiatus.

But as Truth Social attempts to take on the social media incumbents, the fundamentals of the company have long been in question.

In August, DJT reported second quarter results that revealed a net loss of $16.4 million, about half of which was tied 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 drop.

Earlier this month, the company revealed that its COO had stepped down in September.

Trump maintains a roughly 60% interest in DJT. At current levels of above $47 a share, Trump Media boasts a market cap of about $9.5 billion, giving the former president a stake worth around $5.7 billion.

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

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