Shares of truth Social parent Trump media and technology (DJT) collapsed early Wednesday after Tuesday’s presidential debate between former President Donald Trump and Vice President Kamala Harris. That points to investor sentiment that Trump underperformed in the televised contest between the two candidates.
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Investors are assessing potential presidencies of Donald Trump and Kamala Harris in the 2024 elections
The consensus of experts gave Harris the edge in the ABC-hosted presidential debate, and the downward movement of Trump stock DJT early Wednesday appears to support that sentiment. Tuesday’s Trump-Harris debate was not about tax policy, perhaps the issue most important to financial markets.
Donald Trump stock fell 15.5% to 15.76 during market action on Wednesday, hitting a new post-SPAC low for DJT stock.
Trump stock often serves as a sentiment indicator toward the former president and his current candidacy.
Ahead of the presidential debate Tuesday night, DJT shares rose nearly 9% this week, closing at 6:63 p.m. Tuesday.
The Donald Trump brand and the value of DJT stock are closely linked, as Truth Social was launched after Twitter closed Trump’s account following the January 6, 2021 riot at the US Capitol.
The former president owns a 65% stake in Trump Media, which is worth several billion dollars based on the current share price.
The company again reported quarterly revenue of less than $1 million in August. Meanwhile, Trump also returned to X, formerly Twitter, on August 12 with a conversation with Elon Musk. DJT shares have since fallen 25% as Trump has posted repeatedly on the social media site since then. The former president had previously vowed that he would not return to X and would remain at Truth Social.
Donald Trump shares are falling
Trump Media rose more than 16% on March 26, the first day of trading under the DJT ticker, reaching an intraday high of 79.38. This came after Digital World Acquisition became Trump Media & Technology Group following a successful merger with Trump’s technology and social media platform on March 22. Shares of the special purpose acquisition company had risen 35% the day before the change to ‘DJT’.
DWAC took Trump Media and Technology Group, or TMTG, public through a reverse merger. After a protracted battle, DWAC shareholders voted in favor of the special purpose acquisition company’s merger with TMTG. Trump Media is the parent company of the conservative social media platform Truth Social.
DJT shares are down 68% since their conversion. In 2024, DJT/DWAC has advanced by 6.5%.
DJT stock hit a short-term high of 46.27 on July 15 after the Trump assassination attempt. Trump’s lead in the polls peaked shortly afterwards, when President Joe Biden withdrew from the 2024 race.
Since peaking on July 15, Trump stock has fallen 60%.
Follow Kit Norton on X @KitNorton for more coverage.
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