Following a dramatic 22% plunge on Wednesday, Trump Media & Technology Group (NASDAQ:DJT)'s shares kept up their wild run Thursday, dropping roughly 15%. The sharp decline set off a brief trading stop while market volatility continued. Though the stock is still up about 130% from September lows, DJT has lost almost $3 billion in market cap with these movements just Tuesday.

• Warning! GuruFocus has detected 3 Warning Sign with DJT.

The week's sell-off follows DJT shares' spike on hopeful projections of former President Donald Trump's possible presidential triumph in 2024. Sites like Polymarket, PredictIt, and Kalshi have lately shown wins for Trump in betting markets over Democratic challenger and current Vice President Kamala Harris, inspiring investors. Since then, this upsurge has been under pressure from the larger market turbulence from below.

With both Trump and Harris retaining meager leads in battleground states such as Pennsylvania, Michigan, and Wisconsin, polls reveal a fiercely contested election. These states are fundamental in deciding the result of the election. Hence, DJT stock remains as sensitive to political changes as ever.

This article first appeared on GuruFocus.