Trump Media & Technology Group Corp. (NASDAQ:DJT) shares gained in premarket trading on Monday, rising along with the index futures, which are priming for a modestly to moderately higher open.

The gain by the publicly-listed media firm owned by former President Donald Trump comes after the developments over the weekend, which saw presumptive Democratic nominee and President Joe Biden announcing his decision to quit the race. The president endorsed Vice President Kamala Harris, who was his running mate, for the presidency. Most Democrats have thrown their weight behind her.

Former President Bill Clinton and his wife and former presidential nominee Hillary Clinton have endorsed Harris. On the other hand, former President Barack Obama is in favor of an open nomination at the Democratic party's convention. "We will be navigating uncharted waters in the days ahead. But I have extraordinary confidence that the leaders of our party will be able to create a process from which an outstanding nominee emerges," he said in a statement.

As the Democratic camp goes about a turbulent period, the advantage is clearly with Trump despite his criminal lawsuits, his age and voters not really warming up to him.

Trump has a majority 64.9% stake in TMTG, which owns the Truth Social platform, thanks to the 114.7 million shares he owns in the company. The company went public on March 26 following the consummation of its long-delayed merger with the SPAC, Digital World Acquisition Corp.

Since then the stock has had a volatile ride and traded between a high and low of $79.38 (post-SPAC merger high) and $22.55 (Apr. 16).

The stock spiked higher, topping the $40 mark after the June 26 debate, before retracing some of the gains. It made a renewed push higher amid the failed assassination attempt on Trump at a campaign rally in Pennsylvania on July 13. The stock went past $46 on July 15.

In premarket, the stock rose 1.97% to $35.68, according to Benzinga Pro data.

• Biden Drops Out Of 2024 Race In Bombshell Announcement: 'It Has Been The Greatest Honor Of My Life To Serve As Your President'

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