Trump Media & Technology shares rise after first presidential debate

Shares of Trump Media, the owner of the social media site Truth Social, rose 5 percent on Friday at the opening bell after the first US presidential debate, with some investors saying it could become a bigger mouthpiece for the former president if he is re-elected.

President Joe Biden and former President Donald Trump clashed Thursday night on issues including abortion, immigration and the Jan. 6, 2021, attack on the U.S. Capitol.

Biden’s performance was largely seen as uneven, especially early on. He has repeatedly sought to confront Trump, who has countered Biden’s criticism by leaning into falsehoods about the economy, illegal immigration and his role in the January 6 uprising.

Citi analysts said Friday that there could be increased interest in Trump Media & Technology based on headlines following the debate.

Shares of Trump Media & Technology were rocked during Trump’s run for president and took a wild turn a day after Trump was convicted in his hush money trial.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election by making hush money payments to a porn star who said the two had sex.

The stock, which trades under the ticker symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the ranks of meme stocks that are prone to ricocheting from highs to lows as small-pocketed investors trying to catch an upward momentum. swing at the right time.

The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower in a single day. It hit a peak of nearly $80 in intraday trading on March 26. For context, the S&P 500 is up nearly 10% year to date.

Trump Media & Technology reported in May that it lost more than $300 million in the most recent quarter, according to its first earnings report as a publicly traded company.

Michelle Chapman, The Associated Press