On Election Day, Trump Media stock experiences a 12% increase in value as investors speculate that Truth Social will benefit from a potential Trump victory.

On Election Day Tuesday, the stock price of Truth Social increased, as traders speculated that a second term for President Trump would benefit the company's business prospects.

The stock DJT, symbolizing former President Donald Trump, is viewed as a reflection of his potential to regain the presidency. Wall Street firms have identified it as a stock to monitor ahead of Tuesday.

Shares were last up about 12.5% in morning trading.

Despite Vice President Kamala Harris' recent momentum, Trump Media, which is majority-owned by Trump, has nearly doubled year to date. However, shares have plummeted 33% over the past week. But the stock was up 12% on Monday.

Jay Woods, chief global strategist at Freedom Capital Markets, stated on CNBC Monday that the market is experiencing a surge in trading activity similar to steroids.

"Over the long term, the metrics of those trading it don't make any sense, despite their ability to make money," Woods stated.

In the week leading up to the election, Trump Media has experienced significant inflows of retail traders, making it the most-discussed stock on the Reddit page WallStreetBets, which gained notoriety during the GameStop stock meme craze of 2021.

The latest NBC News poll indicates that Trump and Harris are evenly matched, with each receiving 49% of voter support, despite the fluctuations in DJT stock.

— With reporting by Kevin Breuninger and Alex Harring.

Jay Woods is the chief global strategist at Freedom Capital Markets.