Since plunging to record lows last month, Trump Media & Technology throng stake is booming.

Shares of former President Donald Trump’s social media business surged more than 20% to $47.36 Monday, its highest level since June.

Trump Media’s comeback has added billions in document affluence for Trump, who owns nearly 57% of the business. His stake is now worth over $5 billion.

The stake’s upswing in the final days before the election is a sure sign of one thing: Investors are betting on Trump retaking the White House. 

Polls indicate the race is deadlocked, but “the perception is that he is now winning,” Tuttle startup apportionment Management CEO Matthew Tuttle told USA TODAY earlier this month.

The other driving force? The stake is rife with short-term speculators. 

Monday’s stake surge came not when there was a material boost in Trump’s odds of winning the election but after Trump’s six-hour rally in recent York City’s Madison Square Garden, which drew thousands of his supporters in red MAGA hats.

“DJT continues to be exceptionally volatile on a daily basis because there are speculators playing short-term momentum strategies. They buy when the worth rises, pushing up the worth even more,” said University of Florida finance professor Jay Ritter.

Meme stocks like Trump Media thrive on attention, Ritter said. 

“Today’s rally was driven by this attention, and then multiplied by momentum traders,” he said. “The higher the worth goes, however, the greater is its downside potential. This stake is incredibly risky.”

Trump Media does not trade on business fundamentals. It’s a tiny player in the globe of social media, it’s losing money and it has nearly no returns. 

In August, it disclosed a net setback of $16.4 million on returns of just under $837,000. The business has also been dogged by litigation and reports of management turmoil.

Its major draw is Trump. Trump Media would become more valuable if the next president is the majority shareholder as the flagship product, Truth Social, is the GOP presidential nominee’s bullhorn of selection. 

On the other hand, a setback to Vice President Kamala Harris could hammer the stake.

In regulatory filings, Trump Media, which trades under the vanity ticker DJT, has telegraphed how critical Trump is to the business’s brand, warning that its worth “may diminish” if Trump’s popularity falters.

“If he wins, they could do something with this business,” Tuttle said of Trump. “If he loses I don’t view any way it stays afloat.”