Former U.S. President Donald Trump speaks as he attends a presidential debate with U.S. President Joe Biden in Atlanta, Georgia, on June 27, 2024.
Brian Snyder | Reuters
The share price of Trump media rose more than 11% in premarket trading Friday morning after majority shareholder Donald Trump benefited from President Joe Biden’s stumble in his first presidential debate.
Trump Media, which trades under the ticker symbol DJT, closed down 6.42% at $36.73 per share on Thursday afternoon. But the owner of the Truth Social app was trading at more than $40 a share early Friday, with volume high with more than 3 million shares changing hands as the stock regained some of its early gains handed over.
Trump, the former president and presumptive Republican nominee, owns nearly 65% of Trump Media shares. The company’s market capitalization was around $6.5 billion as of Friday despite meager revenue.
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Political observers and Democratic donors said Biden, 81, delivered a dismal performance in his debate against Trump at CNN studios in Atlanta on Thursday night. Biden’s speech was garbled at times. He also lost his train of thought and his face appeared blank at times with his mouth open as Trump spoke.
A major Democratic fundraiser told CNBC that Biden’s performance was a “disaster.”
“That’s awful. Worse than I thought possible. Everyone I talk to thinks Biden should get out,” this donor said.
U.S. President Joe Biden participates in a presidential debate with former President Donald Trump in Atlanta, Georgia, on June 27, 2024.
Brian Snyder | Reuters
This is developing news. Check back for updates.
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2024-06-28 13:05:51
www.cnbc.com