DJT shares jump in premarket trading after Biden stumbles in Trump debate

Republican candidate, former U.S. President Donald Trump, speaks as he attends a presidential debate with Democrat candidate, U.S. President Joe Biden, in Atlanta, Georgia, U.S., June 27, 2024. Brian Snyder | Reuters

The stock price of Trump Media soared more than 11% in premarket trading Friday morning after majority shareholder Donald Trump benefited from alarming stumbles by President Joe Biden in their first presidential debate.

Trump Media, which trades under the DJT ticker, had closed down 6.42% on Thursday afternoon at $36.73 per share. But the Truth Social app owner traded at more than $40 per share early Friday, with volume heavy at more than 3 million shares changing hands as the stock price gave back some of its early gains.

Former President Trump, who is the presumptive Republican nominee, owns almost 65% of Trump Media shares. The company's market capitalization was around $6.5 billion as of Friday despite having meager revenue.

Biden, 81, was widely seen by political observers and Democratic donors as giving a dismal performance on Thursday night in his debate against Trump at CNN's studios in Atlanta. Biden's speech was garbled at times, he lost his train of thought and his face looked blank, with his mouth agape, at times as Trump spoke.

One major Democratic fundraiser told CNBC that Biden's performance was a "disaster."

"This is terrible. Worse than I thought was possible. Everyone I'm speaking with thinks Biden should drop out," that donor said.

Democrat candidate, U.S. President Joe Biden attends a presidential debate with Republican candidate, former U.S. President Donald Trump, in Atlanta, Georgia, U.S., June 27, 2024. Brian Snyder | Reuters

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