Trump Media's stock price was halted three times on Election Day after falling 15% in just 15 minutes

Trump Media, which trades under stock trader DJT, opened at $37 a share on Election Day Tuesday, up 8.5% from Monday's closing price. The stock continued its upward trend on Tuesday, trading above $40 per share in the afternoon. Then the stock suddenly began to fall steeply, falling 15% in 15 minutes.

Over the course of 14 minutes, from 2:48 p.m. to 3:03 p.m., trading in the stock was halted three times due to excessive volatility. The trading halts occurred because too many shares changed hands at the same time, causing the price to fluctuate wildly within a few minutes.

The first break came at 2:48 p.m., when the price fell from $37 to $34 in about a minute. After a five-minute pause designed to cool the market and prevent a total selloff, the stock resumed selling at 2:53 p.m. About 90 seconds later, the stock was paused again. After the second pause was lifted, the stock lasted only slightly longer – 115 seconds – before trading was halted for a third time.

Shares of Trump Media and Technology Group, which owns the social media platform Truth Social, have often moved in line with the political fortunes of its largest shareholder: former President Donald Trump. As the race progressed, it often moved parallel to Trump's electoral chances. When it looked like Trump was on the verge of winning the race after the first attempt on his life in July, the stock skyrocketed. In September, stocks plunged after Vice President Kamala Harris beat Trump in the debate.

With Election Day approaching, traders were ready to make their final play on the stock, whose future value depends on whether Trump makes it back to the White House. According to Refinitiv data, there were 143 million shares on election day and it still took about an hour for the market to close. Leading up to Election Day, there was exorbitant trading activity in the stock, likely from eager traders looking to take advantage of the rising stock price to make quick profits and those who already owned the stock and hoped to cash out before the voters make their judgment.

The day before the election, another 121 million shares were traded, according to the same Refinitiv data. And in October, the stock had its two biggest trading weeks ever. The uptick in trade came as polls showed Trump pulling away from Harris in an otherwise close race.

Trading on Trump Media was also halted last week after a day of extremely volatile price changes. Over the last month, Trump Media shares have risen 85%.