On Thursday evening, former President Donald Trump and current President Joe Biden engaged in a heated debate, discussing topics such as abortion, immigration and the January 6th events at the US Capitol. The clash between the two leaders garnered significant attention and discussion.
Following the debate, Truth Social, the social networking site owned by Trump Media and Technology, experienced a 5% increase in its share price at the opening bell on Friday. This sparked speculation among investors about the potential power of the platform should Trump be re-elected as president.
Biden’s performance in the debate was seen as uneven, with early struggles to effectively counter Trump’s attacks. Meanwhile, Trump made questionable claims about the economy, immigration and his involvement in the January 6th insurrection. Despite this, Citi analysts noted an increased interest in Truth Social following the debate.
Throughout the year, Truth Social has seen significant volatility in its stock value. The company reported losses of over $300 million in the last quarter and faces legal challenges that add to uncertainty about its future performance. Nevertheless, it remains a point of interest for investors and observers given its ties to former President Donald Trump.
