((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Shares of Trump Media & Technology Group DJT.O rose nearly 13% in premarket trading Friday after President Joe Biden’s shaky performance against Republican rival Donald Trump in the first U.S. presidential debate of 2024.
Mr. Biden delivered a faltering and halting performance while Mr. Trump assailed him with a series of often false attacks during Thursday’s debate, as the two oldest presidential candidates traded personal insults in view of the November election.
“Investors will likely give Mr Trump the benefit of the doubt, given that he has been very positive for markets during his presidency,” said Ben Laidler, global market strategist at digital broker eToro.
“If you’re looking for a real-time indicator of investor expectations for the November outcome, they (Trump’s stock) tell you that Trump is in pole position for this election, and he cemented his perceived lead last night.”
Shares of Trump Media & Technology Group (TMTG), which owns Trump’s social media platform, Truth Social, were up 7.3% at $39.54, while software developer Phunware PHUN.O , which worked on Trump’s 2020 election campaign app, climbed 8.1% to $6.81.
The actions of the video sharing platform Rumble
RUM.O, popular with conservatives, edged up 0.5% to $5.7.
Shares of TMTG have surged about 110% this year as Trump has gained momentum in his bid to become the Republican nominee. The action, however, came under pressure earlier this month after a jury found Trump guilty of falsifying documents to conceal a payment to silence a porn star.
As of June 10, Trump owned 64.9% of TMTG, which was worth about $6.5 billion at the last close.
He had vowed to stick exclusively to Truth Social after being banned by Twitter following the attack on the Capitol by his supporters on January 6, 2021.
However, Trump returned to social media platform X, formerly Twitter, months after his ban was overturned by new owner Elon Musk.
