The publicly traded social media company owned mostly by former President Donald Trump rallied Tuesday on Wall Street, tacking on half a billion dollars to Trump’s paper net worth in the final trading session ahead of polls closing.

Trump owns 57.3% of his namesake company, which began trading as an independent firm in March upon the completion of a yearslong reverse merger with Digital World Acquisition Corp., a blank-check company. Experts largely consider Trump Media a meme stock, meaning its share price can fluctuate wildly, with movements often not a reflection of the company’s underlying financial performance like other stocks. The firm’s sales are a fraction of its social media peers, with Trump Media’s $1.6 million in revenue over the first six months of 2024 far smaller than Snap’s $2.4 billion and Reddit’s $520 million over the period. Though Trump Media’s $8 billion market capitalization is less than half of Reddit and Snap’s $20 billion respective valuation, the Truth Social parent trades at an exponentially higher premium than its competitors based on revenue, with its 3,996 price-to-sales ratio dwarfing Reddit’s 20 P/S ratio and Snap’s 4 P/S ratio, a metric which compares a company’s market value to its revenue over its four most recent quarters.

Trump Media’s share price has moved closely in the direction of the betting market’s odds of a Trump victory, a rally viewed as a vote of confidence in Trump to win the election. The stock traded at $16.50 per share a month ago when Trump’s odds on the Polymarket betting platform stood at 49%, and more than doubled as his betting odds climbed to over 60%.