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Former US President and Republican presidential candidate Donald Trump walks away during a commercial break as US Vice President and Democratic presidential candidate Kamala Harris take notes during a presidential debate at the National Constitution Center in Philadelphia, Pennsylvania, on September 10, 2024.
Saul Loeb | Afp | Getty Images
The share price of Trump Media plunged more than 17% on Wednesday morning, a day after majority shareholder Donald Trump gave a widely panned presidential debate performance against Vice President Kamala Harris.
The company's stock price at the opening bell was at its lowest intraday level since the Truth Social app owner began publicly trading as DJT on the Nasdaq in late March.
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.
Trump Media has said its business hinges at least partly on Trump's popularity, and analysts say the company's value will rise or fall based on his electoral prospects.
Trump Media (DJT) Share Price
The stock drop Wednesday could signal that some Trump's supporters are not pleased with what they saw at Tuesday night's debate in Philadelphia.
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.
Harris' team, projecting confidence, challenged Trump to another debate right after the first one ended.
Trump said he may not agree to that.
Trump Media had surged as much as 10% during trading Tuesday, possibly indicating optimism about how Trump would fare in the debate.
The company's 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.
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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.
It also came in the run-up to the date when Trump and other company insiders can start selling their shares.
Trump owns nearly 59% of the company's stock. That stake at Wednesday morning's price was worth nearly $1.8 billion.
It is unclear if Trump plans to start selling off his stake when a lock-up agreement lifts on Sept. 19.
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