Shares of Truth Social-parent Trump Media & Technology (DJT) cratered early Wednesday following Tuesday’s presidential debate between former President Donald Trump and Vice President Kamala Harris. That signals investor sentiment that Trump underperformed in the televised contest between the two candidates.
↑
X
Investors Size Up Potential Donald Trump, Kamala Harris Presidencies In 2024 Election
Pundit consensus gave the edge in the ABC-hosted presidential debate to Harris and the downward move by Trump stock DJT early Wednesday appears to support that sentiment. The Trump-Harris debate Tuesday didn’t cover tax policy, perhaps the issue of most importance to financial markets.
The Donald Trump stock sank 15.5% to 15.76 during market action on Wednesday, hitting a new post-SPAC low for DJT stock.
The Trump stock often trades as a sentiment indicator toward the former president and his current candidacy.
Prior to the presidential debate Tuesday night, DJT shares gained nearly 9% this week, closing on Tuesday at 18.63.
The Donald Trump brand and the value of DJT stock are closely related, as Truth Social launched after then-Twitter shut down Trump’s account following the Jan. 6, 2021, riot at the U.S. Capitol.
The former president holds a 65% stake in Trump Media, worth several billion dollars based on the current stock price.
The company reported in August another quarter of sub-$1 million revenue. Meanwhile, Trump also made his return to X, formerly Twitter, on Aug. 12 with a conversation with Elon Musk. DJT shares have tumbled 25% since then as Trump has repeatedly posted on the social media site since then. The former president had previously sworn he would not return to X and would remain on Truth Social.
Donald Trump Stock On The Decline
Trump Media jumped more than 16% on March 26, its first day trading under the DJT ticker, hitting a high of 79.38 intraday. This followed Digital World Acquisition becoming Trump Media & Technology Group after successfully merging with Trump’s tech and social-media platform on March 22. The special purpose acquisition company stock had rallied 35% on the day before the change to “DJT.”
DWAC took Trump Media and Technology Group, or TMTG, public in a reverse merger. After a prolonged battle, DWAC stockholders voted in favor of the special purpose acquisition company’s merger with TMTG. Trump Media is the parent of the conservative social-media platform Truth Social.
DJT shares have dropped 68% since their conversion. In 2024, DJT/DWAC has advanced 6.5%.
DJT shares hit a short-term high of 46.27 on July 15 following the Trump assassination attempt. Trump’s lead in the polls peaked soon after, with President Joe Biden dropping out of the 2024 race.
Since hitting that high on July 15, the Trump stock has fallen 60%.
Please follow Kit Norton on X @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Is Tesla Stock A Buy Or A Sell?
Get Full Access To IBD Stock Lists And Ratings
Learning How To Pick Great Stocks? Read Investor’s Corner
AI Is Fueling A ‘Nuclear Renaissance.’ Bill Gates And Jeff Bezos Are In The Mix.
