The stock price of Trump Media fell nearly 11% on Friday afternoon, following President Joe Biden’s lackluster performance in the first presidential debate against Donald Trump. Trading under the DJT ticker, Trump Media had surged over 11% in premarket trading but closed the day at $32.75 per share, marking a decline of 10.84%.
The owner of the Truth Social app saw heavy trading volume, with over 24 million shares exchanged. Trump, holding nearly 65% of Trump Media shares, retains a significant stake despite the company’s modest revenue. As of Friday, Trump Media’s market capitalization stood at $5.8 billion.
Political analysts and Democratic donors criticized Biden, 81, for his underwhelming debate performance at CNN’s Atlanta studios. Biden’s speech was at times incoherent, and he appeared to struggle to articulate his thoughts while Trump spoke.
One prominent Democratic fundraiser told CNBC, “This is terrible. Worse than I thought was possible. Everyone I’m speaking with thinks Biden should drop out.”
