President Joe Biden and former President Donald Trump clashed during a recent debate covering topics such as abortion, immigration, and the January 6, 2021 attack on the US Capitol. Following the debate, shares of Trump Media, the owner of Truth Social, rose 5% as some investors speculated it could become a stronger platform for Trump if he was re-elected.
During the debate, Biden’s performance was criticized as uneven, while Trump countered with falsehoods about the economy, illegal immigration, and his involvement in the January 6 insurrection. Analysts at Citi suggested there may be increased interest in Trump Media and Technology based on headlines generated by the debate.
The stock for Trump Media and Technology has been volatile, especially during Trump’s presidential campaign and after his conviction in a hush money trial. The stock, traded under the symbol DJT, has shown significant fluctuations, tripling in value this year but also reporting a loss of over $300 million in the last quarter.
Despite the volatility, some investors see potential in Trump Media and Technology, especially if Trump gains more political momentum. The stock has seen significant price swings, reaching nearly $80 in intraday trading in March, making it a popular choice among meme stocks that attract retail investors looking for quick gains.