Shares of Trump Media DJT are rising in after-hours trading as voting for the heated presidential election nears a close

Shares of former President Donald Trump's media company rose as votes declined in Tuesday's contentious election campaign.

In after-hours action, Trump Media & Technology Group They recently rose by around 15% in volatile trading.

The stock, seen as a market indicator of the former president's prospects as he seeks a second term, rallied despite a surprise earnings release that showed the company lost $19.2 million in the third quarter.

Stocks have been volatile during the election season, rising and falling as Trump's fortunes fluctuated during his neck-and-neck race with Democratic Vice President Kamala Harris.

They are down more than 34% in the last five trading sessions as Harris appears to have gained momentum in the final days of the race. However, the stock, whose ticker symbol is DJT after the Republican's initials, is also up more than 105% in the last month.

In Tuesday's session, as the candidates made their final push, the stock rose more than 18% to its session high but closed down 1.2%.

In the earnings release, the company reported revenue of just over $1 million.

“This was an exceptional quarter for the company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free expression online,” Trump Media CEO Devin Nunes said in a statement Explanation.

Nunes is a former congressman from California.

Of course, the stock isn't necessarily a perfect indicator of whether Trump wins. The stock could be influenced by other factors such as profit-taking, as it has already posted strong gains this year.