Trump Media shares fluctuate wildly after first US presidential debate, drop 10%

Trump Media fell more than 10% Friday after the first U.S. presidential debate, demonstrating another of the wild swings that have made its stock one of the most volatile on Wall Street.

Shares of the owner of social networking site Truth Social jumped 5% at the open, before plunging for much of the day. The stock still ended the week with a gain of more than 18%.

President Joe Biden and former President Donald Trump clashed Thursday night over issues including abortion, immigration and the Jan. 6, 2021, attack on the U.S. Capitol.

Biden’s performance has been largely uneven, especially early on. He has repeatedly tried to confront Trump, who has responded to Biden’s criticism by relying on lies about the economy, illegal immigration and his role in the Jan. 6 insurrection.

In political futures markets, where investors can bet on the political fortunes of candidates, Biden's chances of remaining the Democratic Party nominee fell 29% after the debate.

Citi analysts said Friday that there could be increased interest in Trump Media & Technology based on headlines following the debate.

Shares of Trump Media & Technology were rocked during Trump's presidential campaign and saw sharp swings a day after he was convicted in his trial for pouring over silence.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election by paying hush money to a porn actor who claimed the two had affairs sexual.

The stock, which trades under the ticker DJT, has been extremely volatile since its late March debut, joining the group of meme stocks that tend to ricochet from highs to lows as investors with small pockets try to seize momentum on the rise at the right time.

The stock frequently moves double-digit percentages, either up or down in a single day. It peaked at nearly $80 in intraday trading on March 26. As a reminder, the S&P 500 is up nearly 10% year-to-date.

Trump Media announced in May that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.

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