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Trump Media & Technology Group (NASDAQ:DJT) shares increased nearly 8% on Wednesday, continuing a rebound following a significant sell-off.
The shares are trading higher ahead of Thursday’s first 2024 presidential debate.
A showdown between President Joe Biden and former President Donald Trump is set for Thursday on CNN.
Ahead of the debate, Trump has made several ambitious promises, including rolling back car pollution rules and building ten new cities. Biden has vowed to protect American democracy and pass a federal law to codify the right to an abortion into law.
Meanwhile, the Supreme Court still has multiple blockbuster decisions set to drop, including former Trump’s claim that he is immune from prosecution on election interference charges, Bloomberg reports.
Also Read: LinkedIn Co-Founder Criticizes Trump Media’s $6B Valuation Compared to Meta – What’s Going On?
On Wednesday, the court rejected an effort to limit White House contacts with social media firms to flag disinformation.
The justices have already said more decisions are coming on Thursday and Friday. The results will likely affect Trump Media.
Trump Media’s stock dropped nearly 50% in the three weeks after Trump, the company’s majority shareholder, was convicted of a felony, CNBC reports.
Despite the downturn, shares began to recover last Friday. However, the stock remains 23% below its value before Trump’s May 30 conviction.
Trump Media, the parent company of Truth Social, started trading publicly on March 26 after merging with a special-purpose acquisition company.
The company has experienced significant volatility without clear reasons. Truth Social has struggled to retain users, and the company warned investors that changes in Trump’s usage could materially affect the platform.
Trump Media stock gained 208% in the last 12 months.
Price Action: DJT shares were trading higher by 3.69% to $40.70 premarket at the last check on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Posted In: DJT
