Biden's stumble in the Trump debate leads to a jump in premarket trading for DJT.

• Shares of Trump Media surged in premarket trading following President Joe Biden's stumbling during his first 2024 presidential debate against former President Donald Trump.
• Trump Media, which trades under the DJT ticker, is majority-owned by Trump.
• The Truth Social app, frequently utilized by the Republican candidate, is owned by Trump Media.

On Friday morning, the stock price of soared more than 11% in premarket trading after majority shareholder Donald Trump profited from President Joe Biden's stumbles in their first presidential debate.

On Thursday afternoon, Trump Media, trading under the DJT ticker, closed down 6.42% at $36.73 per share. However, the Truth Social app owner's stock price surpassed $40 per share early Friday, with over 3 million shares exchanging hands as the stock price partially reversed its initial gains.

Despite having meager revenue, Trump Media's market capitalization was around $6.5 billion as of Friday, with former President Trump owning almost 65% of the shares.

On Thursday night, during his debate with Trump at CNN's studios in Atlanta, Biden, 81, was widely seen as giving a poor performance. His speech was often unclear, he struggled to maintain his train of thought, and his facial expressions were blank and expressionless, particularly when Trump spoke.

A major Democratic fundraiser stated that Biden's performance was a "disaster," according to CNBC.

"This is worse than I thought possible. Everyone I'm speaking with believes Biden should drop out," the donor stated.

This is developing news. Check back for updates.