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Trump Media Sinks 11% as Democrats Win Control of Congress; Rumble Ticks Up

Democrats taking control of Congress sent Trump Media shares tumbling against a recovering market, while a surprising split with its closest stock peer suggests traders are rethinking which political bets still pay off.

By David Moadel
Published November 4, 2026, 8:46am ET · 4 min read

Market Movers desk. Editor: David Moadel.

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Traders are reassessing a stock associated with President Donald Trump after the U.S. midterm elections. Shares of Trump Media & Technology Group (NASDAQ:DJT) are moving the opposite way from a recovering market. Trump Media stock is at $5.27 in morning trading, down 11%. The decline comes off a prior-session close of $5.95.

The Associated Press called the Senate for Democrats late on November 3 and the House early on November 4, with some races still outstanding. Trump Media has often traded as a proxy for political expectations, and that positioning is now reversing. The morning session puts Trump Media on its list of the biggest stock movers.

Meanwhile, Rumble (NASDAQ:RUM), the stock most often associated with Trump Media, is inching higher. Rumble stock is at $5.18, up 1.17%. Rumble’s gain contrasts with the drop in Trump Media. At the same time, the S&P 500 tracking SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1.05% to $762.37.

How the Midterm Results Reversed DJT’s Pre-Election Gain

Trump Media stock rose 5% in the November 3 session, before results came in. Most of that gain is turning back as the Senate and House calls come in. Options activity pointed to heavy hedging, with Trump Media put option volume running approximately 13 times the expected level ahead of the results.

At its current price, Trump Media stock is trading below its prior $5.40 52-week low. Over the past month, Trump Media stock is down 41%. Its year-to-date decline has reached 60%.

Broader markets stabilized after a rough stretch: NASDAQ 100 futures fell overnight while results came in, before major U.S. indexes recovered to point higher. Shares of Trump Media are moving against that rebound. A related crypto asset, the TRUMP (CRYPTO:TRUMP) meme coin, also fell.

Losses and a Fusion Merger Shape Trump Media’s Outlook

Trump Media posted a Q2 2026 net loss of $238.1 million on revenue of $1.7 million, InvestorsHub reported. That loss came largely from $190.4 million in non-cash unrealized losses on digital assets and equity securities, plus $25.6 million in legal expenses.

A bigger strategic shift is underway through Trump Media’s proposed all-stock merger with fusion energy company TAE Technologies. The companies disclosed on November 3 that they filed a second amended registration statement with the SEC, and the deal still requires shareholder and regulatory approvals. Ahead of any vote, Trump Media plans to release its Q3 2026 results after the market close on November 9 and host a call that evening.

Rumble Moves Apart From Trump Media

On November 3, Rumble stock gained 1%, moving in the same direction as Trump Media. The two stocks diverge on the election calls. Trump Media turns back while Rumble extends its move alongside the rebound in U.S. index futures. Over the past month, Rumble stock is down 32%, so the rise follows a steep slide.

Rumble is due to report its Q3 results soon, after missing estimates on both earnings and revenue in four straight quarters. The company’s average monthly active users reached 56 million in Q1 2026, up 8% sequentially, helped by Rumble Shorts and international expansion.

How Rumble’s Business Differs From Trump Media’s

At its core, Rumble runs a video platform that makes money from advertising, subscriptions and creator tools. Alongside that, the company is building a cloud and artificial intelligence (AI) infrastructure business through Rumble Cloud and its agreement to acquire Northern Data. Through its Tether partnership and Rumble Wallet, Rumble also carries some crypto exposure of its own.

Trump Media’s revenue is small relative to its balance sheet, so its results swing with the market value of its digital-asset and equity holdings. That profile differs from Rumble’s content-driven model. The structure ties Trump Media’s earnings closely to crypto prices and to progress on the TAE Technologies merger.

What Comes Next for Trump Media and Rumble After the Election Calls

Trump Media will soon find out whether its Q3 report shows steadier results from its digital-asset and equity holdings. Bulls argue that the company’s financial assets and the TAE Technologies merger give Trump Media paths beyond its social platform. Skeptics counter that heavy losses and the stock’s sensitivity to political sentiment could keep pressure on Trump Media shares. The TAE Technologies merger vote could be a key checkpoint for how sentiment toward Trump Media develops.

Rumble faces its own checkpoint when it reports, as the company works to show that its cloud push can support revenue growth. A steady report from Rumble could show whether its break from Trump Media stock can hold.

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David Moadel

David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.

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