Trump Media & Technology Group DJT’s stock price saw an increase of almost 8% on Wednesday as it continues to rebound from a recent sell-off. The company is preparing for Thursday’s first 2024 presidential debate between President Joe Biden and former President Donald Trump, which will air on CNN.
In anticipation of the debate, Trump has been making ambitious promises such as rolling back car pollution rules and building ten new cities, while Biden has vowed to protect American democracy and pass a federal law to codify the right to an abortion into law. Additionally, the Supreme Court is expected to release several important decisions, including one regarding Trump’s claim of immunity from prosecution on election interference charges.
On Wednesday, the court also rejected an effort to limit White House contacts with social media firms to address disinformation. More decisions are expected on Thursday and Friday, which could impact Trump Media’s future performance. The company’s stock had fallen nearly 50% in the weeks following Trump’s felony conviction, but began to recover last Friday. However, it remains 23% below its value before the conviction.
Trump Media, the parent company of Truth Social, went public on March 26 after merging with a special-purpose acquisition company. The company has seen significant volatility without clear reasons, and Truth Social has struggled to retain users. Investors were warned that changes in Trump’s usage of the platform could have a material impact on its performance.
Despite these challenges, Trump Media’s stock has gained 208% in the last 12 months. At the last check on Thursday, DJT shares were trading 3.69% higher at $40.70 premarket. This information was written with the assistance of AI tools and reviewed by Benzinga editors
