Trump meme stock rallies after latest Biden gaffs

The share price of Trump Media & Technology (NASDAQ:DJT), which market commentators see as a ‘meme-stock’, traded up around 4% on Friday – in the aftermath of President Joe Biden's NATO news conference.

Biden's performance at the NATO summit included several gaffs, such as mistakenly introducing Ukrainian leader Volodymyr Zelensky as "President Putin" and referring to Vice President Kamala Harris as "Vice President Trump."

It has sparked increased calls for Biden to withdraw from the upcoming presidential election due to concerns about his age and mental fitness.

DJT stock is majority owned by former President Donald Trump, and the price of the company that owns the Truth Social social media has loosely followed the sentiments towards Trump and his current Presidential campaign – albeit, some market commentators describe it simply as a “meme stock”.

In 2024 to date, DJT stock is up 71% and on Friday has a stock market valuation of just under $6 billion.

In its own right, DJT is still seen as a ‘a niche player’ in the social media market when compared to Facebook, Instagram and X.