Trump Media shares are rising as Trump wins the presidential election

Shares of former President Donald Trump's media company rose as NBC News results projected him a victory in the disputed presidential election.

Trump Media & Technology Group rose more than 6% in mid-morning trading on Wednesday, paring gains earlier in the session when they rose more than 30% above $45 a share.

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

Trading was paused several times on Wednesday morning due to volatility.

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

Stocks have been volatile during the election season, rising and falling as Trump's fortunes fluctuated during his neck-and-neck race with Harris.

Shares fell more than 34% in the last five trading sessions as Harris appeared to gain momentum in the final days of the race. However, the stock, whose ticker symbol is DJT after the Republican's initials, is up more than 105% in the last month.

In Tuesday's session, as the candidates made their final push, the stock rose more than 18% to its session high but closed down 1.2%.

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

“This was an exceptional 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 expression online,” Trump Media CEO Devin Nunes said in a statement Explanation.

Nunes is a former congressman from California.

However, the stock isn't necessarily a perfect complement to Trump's victory. The stock could be influenced by other factors such as profit-taking, as it has already posted strong gains this year.