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Trump Media & Technology Group Corp (NASDAQ:DJT) stock saw redemption on Monday after a Friday’s pullback.
The stock plummeted over 10% on Friday following the first U.S. presidential debate, highlighting its notorious volatility on Wall Street.
The owner of social networking site Truth Social experienced a 5% jump at the opening bell, only to see its shares drop significantly throughout the day, according to a Business Standard report.
Also Read: LinkedIn Co-Founder Criticizes Trump Media’s $6B Valuation Compared to Meta – What’s Going On?
Despite this drop, the shares ended the week with an overall gain of more than 18%.
President Joe Biden and former President Donald Trump debated on issues like abortion, immigration, and the January 6, 2021, Capitol attack.
Biden’s performance was seen as inconsistent, especially early in the debate. Trump countered Biden’s criticisms by repeating false claims about the economy, immigration, and his involvement in the Capitol insurrection.
Following the debate, Biden’s odds of remaining the Democratic nominee fell by 29% in political futures markets.
Citi analysts noted that news headlines post-debate could increase interest in Trump Media & Technology.
Trump Media & Technology Group stock gained 159% in the last 12 months. Experts often compare TMTG to meme stocks like GameStop Corp (NYSE:GME), which trade primarily on momentum instead of fundamentals.
Price Action: At the last check on Monday, DJT shares were trading higher by 2.56% to $33.59 premarket.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
