Shares of Trump Media, the owner of social networking site Truth Social, surged 5% at the opening bell on Friday, following the first U.S. presidential debate. Many investors believe that the platform could see increased use as a mouthpiece for former president Donald Trump if he were to be re-elected.
During the debate, President Joe Biden and former President Donald Trump clashed on various topics, such as abortion, immigration, and the U.S. Capitol attack on January 6, 2021. Biden’s performance was criticized as uneven, especially in the beginning. He attempted to challenge Trump repeatedly, but Trump responded by promoting falsehoods about the economy, immigration, and his involvement in the Capitol insurrection.
After the debate, Biden’s odds of remaining the Democratic party’s nominee dropped by 29% in political futures markets. Following the news headlines after the debate, Citi analysts suggested that there could be heightened interest in Trump Media & Technology.
Shares of Trump Media & Technology have been volatile, especially during Trump’s presidential campaign. They experienced drastic swings the day after Trump’s conviction in a hush money trial. The stock, trading under the ticker symbol “DJT,” has been highly unpredictable since its debut in March. It has tripled in value this year, but has frequently experienced double-digit percentage moves in either direction in a single day.
Trump Media & Technology reported a loss of over $300 million in the last quarter, according to its first earnings report as a publicly traded company. Despite these challenges, the stock remains a focus of attention and speculation in the market due to its association with Donald Trump and the political landscape.