DJT Stock Rises. What Biden Quitting Means for Trump Media. -- Barrons.com

Dow Jones07-22

By George Glover

Trump Media and Technology's stock price jumped ahead of the opening bell on Monday as investors reacted to U.S. President Joe Biden's decision to withdraw from November's election.

Shares in the Truth Social parent, which is majority owned by Republican nominee Donald Trump and trades under the ticker DJT, were up 2% to $35.70 in premarket trading.

The move came after Biden said in a letter posted to his personal X account on Sunday that he'd be quitting his campaign for reelection. Biden endorsed his Vice President Kamala Harris to replace him.

The odds of Trump winning November's contest dropped from 64% to 60% after Biden's announcement, per the New Zealand-based political futures market PredictIt. Harris's chances rose from 27% to 40%. PredictIt is thinly-traded and reflects its audience's views.

DJT's stock price has doubled this year, and is trading at a much higher valuation than earnings would imply. Trump Media remains a niche player in the social-media market, still dominated by tech behemoths like Meta Platforms and Elon Musk's X.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 22, 2024 04:58 ET (08:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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