Shares of Trump Media & Technology Group (TMTG) surged nearly 13% in premarket trading on Friday, June 28, Reuters reported. This is after President Joe Biden's shaky performance against Republican rival Donald Trump in the first 2024 US presidential debate. 

The debate featured the two oldest presidential candidates ever and was marked by personal insults as they squared off ahead of the November election.

Biden's faltering performance was contrasted by Trump's aggressive tactics, where he delivered a series of often false attacks. 

Ben Laidler, global markets strategist at digital brokerage eToro, stated that Trump Media stocks' rise is likely due to investors giving Trump the "benefits of the doubt," considering his positive impact on the market during his presidency. 

Laidler also noted that the debate performance seemed to cement Trump's perceived lead, as reflected in the rising stock prices of companies associated with him. 

Shares of software developer Phunware, which worked on Trump's 2020 election campaign app, also climbed 8.1% to $6.81, while the conservative-favored video-sharing platform Rumble saw a modest 0.5% increase to $5.7.

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Trump Media Shares This Year

Trump Media's shares have skyrocketed about 110% this year as Trump gained momentum in his bid for the Republican nomination. 

Earlier this week, VCPost reported that its shares have been rebounding back and forth after being volatile for several weeks.

This proves analysts who believe that despite a recent setback where Trump was found guilty of falsifying documents to cover up a payment to silence a porn star, investor confidence remains strong. 

Currently, Trump owns 64.9% of TMTG and has a stake worth approximately $4.2 billion as of the last close. 

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