Trump Media & Technology Group DJT shares saw an almost 8% increase on Wednesday as they continued to rebound from a significant sell-off. The shares are trading higher in anticipation of Thursday’s first 2024 presidential debate between President Joe Biden and former President Donald Trump, which is set to take place on CNN. Trump has made ambitious promises ahead of the debate, including plans to roll back car pollution rules and build ten new cities, while Biden has vowed to protect American democracy and pass federal legislation to codify the right to an abortion.
The Supreme Court is also expected to make multiple blockbuster decisions, including a ruling on former Trump’s claim of immunity from prosecution on election interference charges, according to Bloomberg. On Wednesday, the court rejected an attempt to limit White House contacts with social media platforms to flag disinformation, with more decisions expected on Thursday and Friday that could impact Trump Media.
Despite a nearly 50% drop in stock value following Trump’s felony conviction, Trump Media’s shares began to recover last Friday but still remain 23% below their pre-conviction levels. The parent company of Truth Social, Trump Media started trading publicly on March 26 after merging with a special-purpose acquisition company. The company has since experienced significant volatility, with Truth Social struggling to retain users and warning investors that changes in Trump’s usage could impact the platform.
Trump Media stock has gained 208% in the past 12 months, and on Thursday morning, DJT shares were trading 3.69% higher at $40.70. Please note that this content was created using AI tools and reviewed by Benzinga editors before being published.