Shares of Trump Media and Technology Group rose 12% in premarket trading on Tuesday as the first polls began in the United States

Shares of Trump Media, the company that owns former President Donald Trump's social media site Truth Social, were expected to open at $38.28 afterward closed down more than 12% on Tuesday.

This week marks another bout of “Euphoria before the election” ahead of the presidential election, as the stock becomes something of an indicator of the Republican candidate's chances of beating Vice President Kamala Harris, the Democratic nominee.

Much of the trading in DJT stock is the result of people's fanaticism towards the former president and “Euphoria before the election” Make it what Morningstar is (MORNING+0.50%) John Rekenthaler, vice president of research, calls it an “affinity stock.”

“This is the most emotional stock in the stock market,” he previously told Quartz.

It's not clear what's driving the rallies or the losses. The company has not announced any significant changes to its operations. As the vote count approaches, both national and swing state polls continue to show Harris and Trump neck and nape.

The stock had a particularly volatile few weeks, decreases by about 40% between Tuesday and Friday last week, but recovered almost all of those losses earlier this week. Over the past 30 days, shares have risen nearly 90%. That added billions to the company's market value – and the net worth of the former president, who owns about 57% of the company's shares.

Trump has previously said that he has no plans to give up his shares even though a six-month share lock-up period had expired that prevented him and other insiders from selling.

However, Rekenthaler has warned that Trump Media shares will “go to zero” if the Republican candidate loses the White House for the second time. However, if Trump wins, Rekenthaler believes the stock “could do anything.”