Ahead of election night, shares of former President Donald Trump's media company were halted due to a sudden and sharp sell-off on Tuesday afternoon.

Trump Media & Technology Group Corp. shares was at $34.35 a share on Tuesday afternoon, after falling 15 percent in about 15 minutes. Trump Media & Technology, operator of Trump's social media platform Truth, saw significant gains earlier in the day as voters across the country began casting their ballots.

But the volatility the stock is experiencing caused the stock to rise 14 percent to $39.12 and then quickly fall back to $34.35. While the stock could reflect Trump's chances of winning the election, it could also be a way for investors to get into a stock during a volatile time when stocks suddenly fall before rising again.

“The initial surge was speculative and driven by hopes of a Trump victory,” said Kevin Thompson, financial expert and founder and CEO of 9i Capital Group Newsweek. “Many traders are taking advantage of MAGA sentiment, buying early and selling until the close. Options data shows high implied volatility, suggesting the stock could fall to around $20 if Trump loses.”

In recent months, Trump Media has reported less-than-stellar financial results. Despite a market cap of $7 billion, second-quarter revenue was less than $1 million.

“Trump Media’s declining revenues and lack of profitability make it a risky investment as its current market cap cannot be justified based on user metrics,” SeekingAlpha analyst Bohdan Kucheriavyi previously wrote.

“Despite poor performance, Trump Media stock has risen sharply on political events, underscoring its sensitivity to election results rather than business fundamentals. The stock’s fate depends on the results of the 2024 presidential election, with potential upside if Trump wins but a bleak outlook if Kamala Harris prevails.”

Leading up to the election, polls showed a tight race between Trump and Vice President Kamala Harris.

Analysts have warned investors against getting involved in a stock viewed by many as risky.

“Trump Media stock has risen 200 percent over the past month, fueled by exit polls showing Donald Trump narrowing his lead over Kamala Harris,” wrote Uttam Dey, another SeeingAlpha analyst. “The stock is being treated like a meme stock that depends more on election sentiment than real financial metrics, making it a high-risk bet for investors.”

America is unlikely to find out who wins the election on Tuesday night, but Trump Media & Technology will likely continue to waver based on public perceptions of who wins.

“This trading activity reflects less election forecasts and more event-driven volatility,” Thompson said. “Supporters may be bidding up the stock in hopes of a Trump victory, but overall this is the usual volatility surrounding a major event. We could see a market rise if Trump wins, or a small sell-off if Harris wins.”

On Monday, DJT shares rose 12 percent after declines at the end of last week. Last Wednesday the shares fell by 22 percent, on Thursday by 12 percent and on Friday by another 14 percent.

As the company's largest shareholder, Trump currently owns 114.75 million shares of Trump Media. This puts the value of its shares at around $4.5 billion.

“Looking at today's performance of stocks linked to the Trump campaign, it's fair to say that investors are optimistic about his chances of winning the election,” said Alex Beene, Lecturer in Financial Literacy at the University of Tennessee at Martin Newsweek.

“…The same trend happened in reverse in 2016, when many investors expected a Clinton presidential victory and were blindsided the next day. It's important not to think of the stock market as sports betting. Yes, a new administration can bring a lot of positives to various market sectors, but the reality is that we have had both Republican and Democratic presidents in the last eight years and the market as a whole has grown strongly across all sectors for the most part.”

Update 11/5/24, 3:58 p.m. ET: This story has been updated with commentary from Kevin Thompson and Alex Beene.