The share price of Trump Media plunged more than 10% on Wednesday, a day after majority shareholder Donald Trump gave a widely panned presidential debate performance against Vice President Kamala Harris.<\/p>\n
The company\u2019s stock price closed at its lowest level since the Truth Social app owner began publicly trading as DJT on the Nasdaq in late March.<\/p>\n
Investing in Trump Media stock is often seen as a way to bet on the political fortunes of Trump, the former president and current Republican nominee.<\/p>\n
Trump Media has said its business hinges at least partly on Trump\u2019s popularity, and analysts say the company\u2019s value will rise or fall based on his electoral prospects.<\/p>\n
The stock drop Wednesday could signal that some Trump\u2019s supporters were not pleased with what they saw at Tuesday night\u2019s debate in Philadelphia.<\/p>\n
Liberal and conservative political commentators said Harris appeared more prepared, articulate and even-keeled than Trump, who repeatedly bit on bait that she tossed to throw him off topic.<\/p>\n
Harris\u2019 team, projecting confidence, challenged Trump to another debate right after the first one ended.<\/p>\n
Trump said he may not agree to that. In a Truth Social post Wednesday, he repeated his claim that Harris only wanted another debate because she was \u201cbeaten badly.\u201d<\/p>\n
\u201cWhy would I do a Rematch?\u201d he wrote in the post.<\/p>\n
Trump Media had surged as much as 10% during trading Tuesday, possibly indicating optimism about how Trump would fare in the debate.<\/p>\n
The company\u2019s gains on Monday and Tuesday were a respite from a weekslong rout that saw the stock price sink as much as 75% from its intraday high in late March, when then-privately held Trump Media merged with a blank-check firm.<\/p>\n
The slump coincided with President Joe Biden dropping out of the presidential race and endorsing Harris to replace him at the top of the Democratic ticket.<\/p>\n
It also came in the run-up to the date when Trump and other company insiders can start selling their shares.<\/p>\n
Trump owns nearly 57% of the company\u2019s stock. That stake at Wednesday\u2019s closing price was worth about $1.9 billion.<\/p>\n
It is unclear if Trump plans to start selling off his stake when a lock-up agreement lifts on Sept. 19.<\/p>\n<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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