Trump Media & Technology’s Stock Soars After First Presidential Debate

Shares of Trump Media, the company that owns Truth Social, a social networking site, saw a 5% increase at the opening bell on Friday following the first U.S. presidential debate. Some investors believe that Truth Social could become a larger platform for the former president if he is re-elected. During the debate, President Joe Biden and former President Donald Trump clashed on several topics including abortion, immigration, and the January 6, 2021 attack on the U.S. Capitol.

Biden’s performance in the debate was seen as uneven, especially early on. He repeatedly tried to confront Trump, who responded by leaning into false claims about the economy, illegal immigration, and his involvement in the January 6 insurrection. Citi analysts noted an increased interest in Trump Media & Technology based on news headlines after the debate. The company’s stock has been volatile throughout Trump’s presidential campaign and spiked the day after Trump was convicted in his hush money trial.

In a separate legal case, a New York jury found Trump guilty of falsifying business records in a scheme related to the 2016 election through hush money payments to a porn actor. The stock, trading under the ticker symbol “DJT,” has seen significant fluctuations since its launch in late March. It has tripled in value this year, experiencing large swings both up and down in a single day. Despite reaching peaks of nearly $80 in intraday trading in March, the company reported a loss of over $300 million in the last quarter according to their first earnings report as a publicly traded entity.