Trump Media & Technology Group shares surged on Tuesday in an Election Day rebound as voters head to the polls to choose either majority shareholder former President Donald Trump or his opponent, Vice President Kamala Harris.

The stock, which trades under the ticker DJT, is popular among retail traders and is seen as a speculative bet on Trump's chances of winning a second term in the White House.

Trump Media shares jumped more than 14% in the Election Day rally, but have been volatile for weeks. The stock topped $40 per share at its high for the day as of Tuesday afternoon, but was down by more than 20% over the past five days.

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Last week, DJT had its worst day ever, plunging 22% on Wednesday and shedding more than $1 billion from Trump's net worth. The declines continued the next day, and shares of the Truth Social parent company were halted twice in the morning due to volatility.

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Still, Trump Media shares are up more than 100% over the past month, which caused the former president's net worth to nearly double to $8 billion at one point, according to Forbes, which tracks the wealth of the world's richest people.

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For the second quarter, Trump Media reported a loss of $16.4 million and revenue of $837,000. The company has a market capitalization of around $6 billion.  

Reuters contributed to this report.