The stock of Trump Media & Technology Group, the social media company founded by former President Donald Trump, saw a 4% increase in its shares following President Joe Biden’s underwhelming debate performance. The company is valued at over $6 billion and has been closely tied to news about Trump, including his criminal conviction and debate performance.
Despite generating minimal revenue and being a small company, Truth Social’s parent company, Trump Media, has been gaining value due to various factors. Some view the stock as a means to fund Trump’s potential presidential campaign, while others believe its success hinges on Trump’s chances of reelection. One factor driving up the share price is the notion that Truth Social could become the primary platform for presidential communications if Trump were to win.
Rumors have been circulating about Biden potentially stepping down and some of his allies not disputing these claims have led to an influx of money into Trump Media’s stock. During Friday morning trading, Trump’s stake in the company was valued at $4.6 billion, up from $4.2 billion at the close of trading on Thursday. This increase in value reflects growing interest and speculation surrounding Trump Media and its potential role in future political developments.
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