sThe hares of Trump Media, owner of the social networking site Truth Social, jumped 5% at the opening bell on Friday after the first US presidential debate, with some investors believing 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 over issues including abortion, immigration and the Jan. 6, 2021, attack on the U.S. Capitol.
Biden’s performance was widely seen as uneven, especially early on. He has repeatedly tried to confront Trump, who has countered Biden’s criticism by relying on falsehoods about the economy, illegal immigration and his role in the Jan. 6 insurrection.
Citi analysts said Friday there could be growing interest in Trump Media & Technology based on headlines following the debate.
Shares of Trump Media & Technology were hammered during Trump’s run for president and swung wildly the day after Trump’s conviction in his secret trial.
A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through secret payments to a pornographic actor 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 group of meme stocks that tend to ricochet from highs to lows as investors with small pockets try to capture an upward momentum swing at the right time.
Stocks have tripled this year, in the process often making double-digit percentage moves up or down in a single day. It reached a peak of nearly $80 in intraday trading on March 26. For context, the S&P 500 is up almost 10% year to date.
Trump Media & Technology reported in May that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
This story originally appeared on Time.com read the full story
