In the aftermath of President Joe Biden's lackluster performance during the recent debate against former President Donald Trump, Trump Media and Technology Group (TMTG), the parent company of Truth Social, experienced a rollercoaster ride in the stock market. While investors initially showed confidence in Trump's potential White House comeback, TMTG's stock price ultimately plummeted by 11% on Friday.

Before the opening bell, TMTG's stock surged by over 10% in pre-market trading, indicating growing investor optimism regarding Trump's political prospects. However, the gains were short-lived as the stock gave up most of its initial surge and closed at $32.75, representing a 43% decline since the company's public launch on March 26. TMTG is listed on the Nasdaq.

Unlike conventional assessments based on financial metrics, TMTG's stock price appears to be closely tied to Trump's political fortunes. As the chairman and top shareholder of the company, Trump's potential re-election in November is speculated to significantly impact TMTG's stock performance. The platform Truth Social is positioned as the primary means through which Trump would communicate with the nation, similar to his use of Twitter during his 2016 campaign.

TMTG recently reported revenue of $770,500 for the March quarter, accompanied by an adjusted operating loss of $12.1 million. The company's last valuation stood at $6.7 billion. Despite some skepticism about the fundamentals of Trump Media & Technology Group, investors are increasingly looking to the company's stock as an indicator for gauging election expectations surrounding Trump.

President Biden's lackluster showing in the debate, characterized by stammering and appearing lethargic, has sparked panic within his own party and calls for a younger candidate to replace him. According to a CNN post-debate poll, two-thirds of viewers believed that Trump had emerged as the winner.

The fluctuation in TMTG's shares this year has mirrored Trump's momentum as he seeks to become the Republican candidate in the upcoming election. However, the stock faced pressure earlier this month following a judgment that found Trump guilty of falsifying documents to conceal a payment made to silence a porn star.

As of June 10, Trump owned 64.9% of TMTG, valued at approximately $4.2 billion. Meanwhile, prison operators Geo Group and CoreCivic experienced gains of 4.9% and 2.9% respectively due to market expectations of a stricter crackdown on illegal immigration - an issue that Trump emphasized during the debate, highlighting Biden's perceived failure to secure the southern border.

With TMTG's stock price remaining intrinsically tied to Trump's political trajectory, investors will continue to closely monitor the company's performance as the election season unfolds.