Trump Media Stock Seesaws After First Presidential Debate

Key Takeaways

• Shares of Trump Media & Technology Group, the media company of former President Donald Trump, jumped in early trading Friday before turning lower, one day after the first 2024 presidential debate.
• Over two-thirds of debate viewers polled by CNN, which hosted the debate, said they believed Trump won the debate versus President Joe Biden. 
• Trump Media's stock price has experienced significant volatility since it merged with Digital World Acquisition Corp. and became a public company in March.

Trump Media & Technology Group (DJT) shares surged in early trading Friday before turning lower, one day after the first 2024 presidential debate Thursday night.

The parent company of Donald Trump’s social media site Truth Social saw its stock price climb more than 9% ahead of the opening bell Friday, though shares reversed course after the opening bell and were about 6% lower in early afternoon trading.

The stock has experienced significant volatility since it merged with Digital World Acquisition Corp. and became a public company in March.

The swing in Trump Media shares Friday came after a majority of debate viewers polled by CNN, which hosted the debate, said they believed Trump won the debate. About two-thirds of respondents said Trump gave a stronger performance than President Joe Biden.

Other stocks associated with the former president's campaign also rose in early trading Friday before turning lower. Shares of Phunware (PHUN), which developed the Trump 2020 campaign app, were down nearly 10% after reversing early gains.

Rumble (RUM), an online video platform popular among conservatives, reported a record number of live stream viewers during the debate Thursday, and its stock climbed early Friday before dropping about 3% later in the session.

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