On Monday, Trump Media & Technology Group Corp (DJT) stock rebounded after experiencing a significant drop on Friday. Following the first U.S. presidential debate, the stock’s value decreased by over 10%, demonstrating its volatile nature on Wall Street. Despite initially jumping 5% at the opening bell, the stock saw significant drops throughout the day.
According to a Business Standard report, the owner of the social networking site Truth Social witnessed fluctuations in its shares throughout the day. However, by the end of the week, the shares had gained over 18% overall. During the debate between President Joe Biden and former President Donald Trump, issues like abortion, immigration, and the Capitol attack were discussed.
Biden’s performance was critiqued for being inconsistent, particularly in the early stages of the debate. Trump responded to Biden’s criticisms by reiterating false claims about the economy, immigration, and his involvement in the Capitol insurrection. Following the debate, Biden’s chances of remaining the Democratic nominee decreased by 29% in political futures markets.
Analysts from Citi suggested that post-debate news headlines could generate increased interest in Trump Media & Technology Group. Over the past year, the company’s stock has surged by 159%, drawing comparisons to meme stocks like GameStop Corp (GME) that trade based on momentum rather than fundamentals. As of the latest check on Monday, DJT shares were trading higher by 2.56% at $33.59 premarket.