Trump Media’s stock has dropped by more than 13% after the company’s majority shareholder, Donald Trump, participated in a highly criticized presidential debate against Vice President Kamala Harris.
Lowest Intraday Level
The decline has pushed the stock to its lowest intraday level since the company, which owns the social media platform Truth Social, went public in late March, according to Digi24.
The value of Trump Media is closely tied to Trump’s political future, with analysts noting that the company’s stock fluctuates based on his electoral prospects.
The recent drop could reflect dissatisfaction among Trump’s supporters with his performance in the Philadelphia debate, where commentators from both liberal and conservative sides found Harris to be more prepared and articulate.
Fallen 75% From Peak
In the debate, Harris was seen as more composed and effective, while Trump struggled to stay on topic and often reacted to Harris’s provocations.
After the debate, Harris’s team confidently challenged Trump to another debate, a suggestion Trump was hesitant to accept. On Truth Social, Trump dismissed Harris’s challenge, suggesting that her call for a rematch was due to her poor performance.
Trump Media’s shares had briefly risen by up to 10% in Tuesday’s trading, indicating some initial optimism about Trump’s debate performance. However, this was short-lived as the stock experienced a sharp decline.
This drop follows a broader trend of instability for Trump Media’s stock, which had previously fallen up to 75% from its peak earlier this year.
The stock turmoil comes amid President Joe Biden’s exit from the presidential race and Harris’s rise as the Democratic frontrunner. Trump holds nearly 57% of Trump Media’s shares, valued at approximately $1.8 billion as of Wednesday morning.
