Trump Media & Technology Group (DJT) shares continued their five-week advance on Monday, rising as much as 20% after Donald Trump held a heavily criticized rally at Madison Square Garden (MSG) in Manhattan over the weekend, as investors who relied on the former president's improved chances of winning the election in November.

At current levels, the stock is trading at its highest level since mid-July, up about 235% from its September lows.

Other Trump-related stocks moved in lockstep with DJT. Mobile advertising software company Phunware (PHUN), which has ties to the former president, rose more than 3% on Monday, while conservative-leaning video platform Rumble (RUM) rose more than 6%.

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-immigrant comments also dominated headlines.

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

“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 has put options on the stock, said the shares' performance depends on the “buy the rumor, sell the fact” trading strategy.

“I would imagine it will happen the day after he wins,” he surmised. “If he loses, I think it will go to zero.”

Shares of the company, home of the Republican candidate's social media platform Truth Social, have risen recently as both domestic and foreign betting markets shift in favor of a Trump victory, with prediction sites such as Polymarket, PredictIt and Kalshi all backing Trump Victory shows presidential chances ahead of those of the Democratic candidate and current Vice President Kamala Harris.

But national polls show both candidates in incredibly close races, particularly in key battleground states like Pennsylvania and Michigan that will likely decide the fate of the election.

The stock's rebound came after the stock traded at its lowest level since the company's inception following the expiration of the highly publicized lock-up period last month. Stocks were also under pressure as previous polls in early September showed Harris slightly ahead of the former president.

Trump's latest campaign swing, which recently included a stop at McDonald's in Pennsylvania, follows 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.

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

Musk attended the MSG event on Sunday evening alongside UFC President Dana White, former professional wrestler Hulk Hogan and House Speaker Mike Johnson.

Meanwhile, Harris recently began a series of media appearances pressuring her about how she would fund some of her proposals around the economy and immigration. Their most recent rally was in Houston, Texas on Friday.

Trump founded Truth Social after he was banned from 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. After about a year off, he officially returned to X in mid-August.

But as Truth Social attempts to take on social media incumbents, the company's fundamentals 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 came from costs related to the company's SPAC deal. The company also reported revenue of nearly $837,000 for the quarter ended June 30, down 30% from a year ago.

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

Trump owns around 60% of DJT. At current levels of over $45 per share, Trump Media has a market cap of around $9 billion, giving the former president a stake of around $5.4 billion.

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

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