A striking divergence opened between two politically linked stocks Wednesday morning after the Associated Press called both chambers of Congress for Democrats.
Trump Media & Technology Group (NASDAQ: DJT) tumbled 11% to $5.27, breaking beneath its prior 52-week floor of $5.40 as broader U.S. markets staged a recovery.
The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) climbed 1.05% to $762.37, making DJT’s move against the tape especially pronounced.
Rumble (NASDAQ: RUM), the video platform most closely paired with Trump Media in trader discussions, bucked the selling pressure and edged up 1.17% to $5.18.
The AP called the Senate for Democrats late on November 3 and projected Democratic House control early November 4, with a handful of contests still undecided.
DJT had surged 5% in the prior session before results arrived, a gain that is now almost entirely unwound as political positioning reverses.
Hedging activity had signaled nervousness well before the first calls: Trump Media put option volume ran roughly 13 times the expected level heading into election night.
The stock is now 41% below where it traded just one month ago and has shed 60% of its value since the start of the year, a decline that reflects both political sentiment and deteriorating fundamentals.
Trump Media reported a Q2 2026 net loss of $238.1 million on revenue of just $1.7 million, with $190.4 million of that loss attributable to non-cash unrealized losses on digital assets and equity securities and another $25.6 million tied to legal expenses.
Because the company’s revenue base is small relative to its balance sheet, reported results fluctuate sharply with the market value of its holdings, tying quarterly performance closely to crypto prices and equity valuations.
A TRUMP meme coin also fell alongside DJT shares in the wake of the election calls, adding another dimension to the political asset selloff.
The company has a major strategic pivot in progress: a proposed all-stock merger with fusion energy firm TAE Technologies, for which Trump Media and its partner filed a second amended registration statement with the SEC on November 3.
That deal still requires both shareholder approval and regulatory sign-off, leaving a meaningful approval runway ahead before any combination can close.
Investors will get their next fundamental data point when Trump Media releases Q3 2026 results after the market close on November 9, followed by a management call the same evening.
Rumble’s divergence from DJT is notable given that the two stocks moved in the same direction as recently as November 3, when both gained roughly 1% together.
The video platform has its own financial pressures, having missed analyst estimates on both the top and bottom lines in each of the last four consecutive quarters.
Still, Rumble reported 56 million average monthly active users in Q1 2026, an 8% sequential increase, with growth credited to Rumble Shorts and international market expansion.
Beyond video advertising and subscriptions, Rumble is developing a cloud and artificial intelligence infrastructure business through Rumble Cloud and a pending agreement to acquire Northern Data, while its Tether partnership and Rumble Wallet give it crypto exposure of its own.
Whether Rumble can sustain its separation from DJT’s political volatility may become clearer when the company reports its own Q3 results, a release that will test whether its cloud-driven revenue strategy is beginning to gain traction.
