Shares of Trump Media & Technology Group (DJT) looked poised to further extend its five-week rally Tuesday, rising nearly 20% in premarket trading as investors bet on better odds of Donald Trump winning November’s presidential election.

The stock closed up more than 21% on Monday, following the former president and Republican candidate’s announcement. highly criticized gathering at Madison Square Garden (MSG) in Manhattan this weekend. At current levels, the stock is trading at its highest level since early June, up approximately 240% from its September low.

Other Trump-related stocks have 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 adware company Phunware (PHUN) fell 11% in premarket trading, after erasing Monday’s intraday gains to close flat.

Trump rally sparked backlash from both sides of the political aisle after comedian Tony Hinchcliffe makes inflammatory jokes on Latinos and the black community, while anti-immigration comments also dominated securities.

The rise in DJT stock is unlikely to continue beyond the near term. A current investor warned that if Trump loses the election next week, DJT shares could fall to $0.

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

Tuttle, who currently holds put options on the stock, said the stock’s trajectory depends on a “buy the rumor, sell the fact” trading strategy.

“I imagine the day after he wins, you would see that go down,” he surmised. “If he loses, I think it goes to zero.”

Shares in the company, which hosts Republican candidate Truth Social’s social media platform, have experienced a recent increase as domestic and foreign betting markets move in favor of a Trump victory, with prediction sites like Polymarket, Plan itAnd Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

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

Stock rally comes after stock price traded at its lowest level since the company’s debut after its much-publicized blocking period expired last month. Stocks have also been under pressure, as previous polls in early September saw Harris slightly ahead of the former president.

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

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

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

Meanwhile, Harris recently embarked following a series of media appearances in which she was pressed on how she would finance some of her proposals regarding the economy and immigration. His final rally took place Friday in Houston, Texas.

Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now X, following the Capitol riots on January 6, 2021. Trump has since been reinstated on these platforms. He officially return to X in mid-August after about a year of hiatus.

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

In August, DJT reported second-quarter results that showed a net loss of $16.4 million, about half of which was related 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 decline.

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

Trump maintains an approximate position 60% interest in DJT. At current levels above $47 per share, Trump Media has a market capitalization of about $9.5 billion, giving the former president a stake worth about $5.7 billion.

Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on @allie_canal, LinkedIn, and email her at [email protected].

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