Shares of Trump Media, the owner of social networking site Truth Social, are sharply higher at the opening bell after the first U.S. presidential debate, with some investors believing it could become a bigger mouthpiece for the former president if he is re-elected.
FILE - Pedestrians walk past a Nasdaq window displaying news on Trump Media on March 26, 2024, in New York.
Shares of Trump Media, the owner of social networking site Truth Social, jumped 5% at the opening bell Friday after the first U.S. presidential debate, with some investors believing it could become a bigger mouthpiece for the former president if he is re-elected., who countered Biden’s criticism by leaning into falsehoods about the economy, illegal immigration and his role in the Jan. 6 insurrection.
Citi analysts said Friday there may be increased interest in Trump Media & Technology based on news headlines following the debate.of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.
The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower on a single day. It peaked at nearly $80 in intraday trading on March 26. For context, the S&P 500 is up almost 10% year to date.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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