Trump Media stock rose 6% to $5.93 in afternoon trading ahead of the midterm vote, even though no clear catalyst was identified in the session. The move came as investors looked toward November 3, when the midterm elections arrive.
Trump Media and the session
The stock’s advance left Trump Media down 55% year to date, a sharp reminder that one afternoon of buying did not repair the broader slide. For readers following the name as a politically linked stock, the session mattered less for the gain itself than for the timing.
At the same time, Rumble fell 3% to $5.17 and Reddit rose 2% to $93.55. The broader market was firmer, too, with the SPDR S&P 500 ETF Trust up 0.5% and the Invesco QQQ Trust up 0.4%.
Steve Huffman and Reddit
Reddit brought a different kind of pressure into the same trading day. Steve Huffman said search referral traffic was down meaningfully in Q3 and warned that daily active users in Q4 could fall by a low-double-digit percentage if that decline continues.
He also said, “People still want Reddit. It says Google is not sending them to Reddit the way they used to.” That warning followed Reddit’s Q3 sales rising 53% year over year to $894.96 million and its guidance for Q4 revenue of $1 billion to $1.03 billion.
Trump Media’s moving parts
Trump Media has also been trying to broaden its business beyond the stock move traders were reacting to. On August 1, the company launched its Truth API with more than 10 customer agreements, and it said the service gives select Wall Street clients a head start measured in milliseconds on Donald Trump’s Truth Social posts for up to $100,000 a month.
That business line sits beside a company that said Q2 2026 revenue rose 92.5% year over year to $1.7 million, while its net loss reached $238.11 million. Most of that loss came from $190.4 million in non-cash unrealized losses on digital assets and equity securities, along with $25.6 million in legal expenses.
The session left one practical read-through for traders: the stock can still move on election-season positioning even when the company’s own numbers remain weak. Whether the Trump Media move was caused by election positioning or some other market factor is not explained, and that is the part investors will have to judge against the ballot count on November 3.
