DJT shares jump after Biden stumbles in Trump debate

The stock price of Trump Media traded higher Friday morning after majority shareholder Donald Trump benefited from President Joe Biden stumbling through their first presidential debate.

Trump Media, which trades under the DJT ticker, was up about 3% percent just before 10 a.m. ET, and had risen by more than 11% in premarket trading.

The Truth Social app owner’s share volume was heavy, with more than 5 million shares changing hands.

Trump, the former president who is the presumptive Republican nominee, owns almost 65% of Trump Media shares. The company’s market capitalization was around $6.5 billion as of Friday despite having meager revenue.

Political observers and Democratic donors said Biden, 81, gave a dismal performance on Thursday night in his debate against Trump at CNN’s studios in Atlanta. Biden’s speech was garbled at times. He also lost his train of thought, and his face looked blank with his mouth agape at times as Trump spoke.

One major Democratic fundraiser told CNBC that Biden’s performance was a “disaster.”

“This is terrible. Worse than I thought was possible. Everyone I’m speaking with thinks Biden should drop out,” that donor said.

This is developing news. Check back for updates.