On Monday, the stock of Trump Media & Technology Group Corp bounced back after experiencing a pullback on Friday. The stock had dropped over 10% following the first U.S. presidential debate, showcasing its volatile nature on Wall Street. Despite this, the owner of the social networking site Truth Social saw a 5% increase at the opening bell before facing a significant decline throughout the day. However, the shares ended the week with an overall gain of more than 18%.
During the debate, President Joe Biden and former President Donald Trump discussed various issues like abortion, immigration, and the January 6, 2021, Capitol attack. Biden’s performance was criticized for being inconsistent while Trump responded to criticisms by making false claims about the economy, immigration, and his involvement in the Capitol insurrection. Following the debate, Biden’s odds of remaining the Democratic nominee decreased by 29% in political futures markets.
Citi analysts suggested that post-debate news headlines could generate more interest in Trump Media & Technology Group. The stock has surged by 159% over the last 12 months and is often compared to meme stocks like GameStop Corp that trade based on momentum rather than fundamentals. At the latest check on Monday, DJT shares were trading higher by 2.56% at $33.59 premarket. Please note that this content was partially generated with AI tools and was reviewed by Benzinga editors. Benzinga does not offer investment advice.
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