Shares of Trump Media volatile after first US presidential debate, slip 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 more volatile on Wall Street.

Shares in the owner of social networking site Truth Social jumped 5% at the opening bell and then sank through much of the day. The shares still finished the week with a gain of over 18%.

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

Biden's performance was largely seen as uneven, particularly early on. He tried repeatedly to confront Trump, who countered Biden's criticism by leaning into falsehoods about the economy, illegal immigration and his role in the Jan. 6 insurrection.

In political futures markets, where investors can put money on the political fates of candidates, Biden's odds of remaining the Democratic party's nominee slid 29% after the debate.

Citi analysts said