After the first U.S. presidential debate, shares of Trump Media, the owner of the social networking site Truth Social, saw a significant increase at the opening bell. Some investors are speculating that it could potentially become a more prominent platform for the former president, particularly if he is re-elected.
During the debate, President Joe Biden and former President Donald Trump clashed on various issues, including abortion, immigration, and the January 6, 2021 attack on the U.S. Capitol. Biden’s performance was perceived as uneven, especially in the beginning. He attempted to challenge Trump, who responded by espousing falsehoods about the economy, illegal immigration, and his involvement in the January 6 insurrection.
Following the debate, Biden’s odds of remaining the Democratic party’s nominee dropped by 29% in political futures markets. Analysts from Citi believe that there may be heightened interest in Trump Media & Technology as a result of the news coverage following the debate.
Shares of Trump Media & Technology have been fluctuating significantly throughout Trump’s presidential campaign. The stock, trading under the ticker symbol “DJT,” has been highly volatile since its launch in late March. It tripled in value this year, experiencing substantial swings in both directions on a single day.
In May, Trump Media & Technology reported a loss of over $300 million in the last quarter, as per its first earnings report as a publicly traded company. Despite this, the company’s stock has seen a considerable increase in value this year, outperforming the S&P 500.