The stock price of Trump Media soared more than 11% in premarket trading Friday morning after majority shareholder Donald Trump benefited from President Joe Biden stumbling through 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.
Trump, the former president 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.
