Former President Donald Trump’s social media company is getting a boost after President Joe Biden’s shaky debate performance.

Shares of Truth Social owner Trump Media & Technology Group (DJT) rose 4% in early trading Friday as investors bet the debate has boosted Trump’s chances of retaking the White House.

Trump is the chairman of Trump Media, and he is the leading shareholder. He is also the most popular user on Truth Social. The company’ sticker symbol is even “DJT,” a nod to the former president’s initials.

The stock has been volatile for a host of reasons, including a transaction that allowed investors to buy additional stock. That watered down other shareholders’ stakes.

Trump Media doesn’t really trade on the fundamentals of the underlying company, the stock has ebbed and flowed with the news about Donald Trump, including his criminal conviction and Thursday night’s debate performance. Some critics have viewed the stock as a way to fund Trump’s presidential campaign. Other investors believe the company’s long-term success hinges on the chances of Trump’s reelection.

“DJT is effectively the Trump election win proxy,” Matthew Tuttle, CEO of Tuttle Capital Management, told CNN on Friday.

Trump Media is valued at more than $6 billion even though the company makes very little revenue and Truth Social is tiny.

However, analysts have said one force inflating Trump Media’s share price is the idea that if Trump wins, Truth Social will become the main platform for presidential communications.

Tuttle said money is pouring into Trump Media’s stock given the talk among Democrats for Biden to step aside and that some of the president’s allies aren’t even trying to “spin it.”

At current trading Friday morning, that stake is worth $4.6 billion. That’s up from $4.2 billion at the close of trading on Thursday.