Shares of Trump Media dropped sharply on Wednesday, reflecting market reactions to Donald Trump’s performance in his debate against rival presidential candidate Kamala Harris.
The company’s stock fell more than 13 percent during morning trading, hitting its lowest level since going public in late March. The selloff came in the wake of the pivotal Tuesday night debate, after which many commentators weighed in to criticize Trump's performance.
The company's stock, which trades under the ticker symbol "DJT," has become closely tied to the political fortunes of its largest shareholder, Donald Trump, who owns about 57 percent of the business. Analysts have noted that the firm's value often fluctuates based on Trump's political standing, suggesting Wednesday’s drop may indicate some investor concern about the impact of the debate.
Depending on how significant voter sentiment is to the share price of Trump's social media empire, the trajectory of the presidential race could be a make-or break -factor in his ability to cash out.
“The perception in the market is she won the debate,” Matthew Tuttle, CEO of Tuttle Capital Management told CNN. “If he loses, he has to sell and DJT goes to $1. If he wins, he doesn’t sell and DJT can make a run for it.”
The volatile outlook mirrors previous sharp-swing patterns in Trump Media’s stock price, which saw a bump following his debate with President Joe Biden, the Democrats' previous nominee. Following his exit from the race in July, DJT shares have declined significantly, with the company losing more than half its value since debuting on the public markets.
Trump Media had shown some recovery earlier this week, rising 9 percent in the two days before the debate. However, Trump’s stake, which was valued at $6.2 billion in May, has fallen sharply, reaching approximately $1.8 billion on Wednesday.
The expiration of lock-up restrictions later this month may allow Trump to sell some of his shares, though analysts caution that selling a large portion quickly could further drive down the stock’s value.
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
