Trump Media & Technology Group shares jumped more than 6% today, Friday, after President Joe Biden’s shaky performance against his Republican rival, Donald Trump, in the first debate between the candidates for the upcoming presidential elections in the United States.
Biden’s allies were quick to contain the repercussions of his performance in response to Trump’s barrage of attacks and allegations, according to what Reuters reported.
The shares of Trump Media and Technology Group, which owns the social media platform Truth Social, rose by 5.5% to $38.62 in the latest trading, and the shares of the software development company Fanware, which worked on the electronic application for Trump’s 2020 election campaign, rose by about 1.6% to $6.4.
Trump Media Group shares jumped 10% in pre-market trading on Friday morning to reach $40.30, according to Forbes magazine.
According to data updated on June 10, Donald Trump owns 64.9% of Trump Media and Technology Group.
The company’s value is about $4.2 billion compared to the previous session’s data, according to the London Stock Exchange Group.
During the debate, the two candidates clashed over various issues including the economy, abortion, immigration and the wars in Gaza and Ukraine.
President Biden’s performance, which has been criticized and described as shaky, has drawn calls from some quarters for Biden to consider withdrawing from the race.
“This perceived advantage of Trump has had a positive impact on investor sentiment toward Trump Media,” Forbes said.
Trump’s Financial Status and Company Background
Forbes estimates Donald Trump’s net worth at about $6.1 billion as of Friday morning.
Trump Media went public in late March through a reverse merger with Digital World Marketing Corp., nearly two years after the initial merger was announced.
Despite facing many challenges, including a 20% decline after Trump was convicted of 34 criminal charges related to falsifying business records, the stock has shown resilience, according to Forbes.
Its lowest level was recorded on June 20, when it fell to $26.75, before rebounding. A recovery was observed later.
