Shares of Donald Trump’s social media company rose more than 21% on Monday, following the Republican presidential candidate’s campaign rally in New York City.

Trumpmedia The stock price closed at $47.36 per share, surpassing its recent peak in mid-July, when the company’s market value soared after Trump was nearly assassinated at a rally in Pennsylvania.

That peak was followed by a major sell-off that bottomed out in late September, when DJT stock fell below $12 per share.

But the Truth Social operator made up for all those losses in October, as the election between Trump and Vice President Kamala Harris, the Democratic nominee, entered its final weeks.

Trump owns almost 57% of Trump Media. Those bets at Monday’s intraday high totaled about $5.4 billion — more than half of Trump’s net worth on paper, according to Forbes.

The value of Trump’s majority stake has risen by about $4 billion in the weeks since Trump Media bottomed out in late September.

During that time, the company rolled out a separate streaming app, Truth+, and announced the resignation of its Chief Operating Officer.

But analysts have often suggested that Trump Media’s multibillion-dollar market value and volatile stock moves have little to do with corporate news — or with the performance of Truth Social, which generates little revenue and attracts a relatively minuscule audience.

Instead, they have come to see the stock as an outlet for the company’s many pro-Trump retail investors to support the former president, and as a proxy to bet on his chances of retaking the White House.

Monday’s rise could indicate these traders are feeling a burst of enthusiasm after Trump’s much-hyped rally at Manhattan’s Madison Square Garden, which drew thousands of his supporters to the heart of a deep blue metropolis.

“Our dear President @realDonaldTrump packed MSG yesterday for the rally of his life and TODAY the entire market is UP UP!!! $DJT,” a Truth Social user wrote to a Trump Media shareholder group Monday morning.

Trump Media’s recent gains have coincided with a shift in Republican favor on political betting sites like Polymarket and Kalshi, even as polls generally show a neck-and-neck race.

Gambling and betting platforms do not use the same methodologies used in traditional political polls, and are therefore not a substitute for political polls.

Critics have raised concerns that election betting markets are being manipulated.

Polymarket confirmed last week that a single Frenchman has built a huge pro-Trump position on his presidential election bet using four separate accounts.