- Trump Media & Technology Group (NDAQ:DJT) stock saw a steep decline after a rocky debate performance by former President Donald Trump
- By the end of the trading day, the stock closed at a record low, down 10 per cent
- The sharp selloff was an immediate reaction to the ABC presidential debate, where Vice President Kamala Harris threw Trump off his game
- Trump Media & Technology Group opened trading at US$16.29 per share
Trump Media & Technology Group (NDAQ:DJT) stock saw a steep decline this week after a rocky debate performance by former President Donald Trump.
The stock plunged 17 per cent Wednesday, reaching its lowest level since the company went public in late March. By the end of the trading day, the stock closed at a record low, down 10 per cent.
The sharp selloff was an immediate reaction to Tuesday night’s ABC presidential debate, where Vice President Kamala Harris threw Trump off his game. Investors reacted swiftly to the debate’s outcome, reflecting concerns about Trump’s performance and its potential impact on the company’s future.
This reaction stands in stark contrast to the market’s response on June 28 after President Joe Biden’s lackluster performance in the CNN debate. On that day, Trump Media’s stock initially spiked 10 per cent, only to fizzle out and end in the red by the close of trading.
Adding to the controversy, Trump made a claim during the debate that immigrants in Ohio were eating house pets, a statement that was quickly debunked. This further fueled investor uncertainty and contributed to the stock’s decline.
One house pet that was kept safe was Taylor Swift’s cat. The pop singer took to social media to endorse Harris’ Presidential bid, saying she was a “childless cat lady” who will back the VP, making fun of Republican VP candidate JD Vance’s obsession with “childless cat ladies.”
Trump Media & Technology Group Corp. was founded by Donald Trump in 2021 and describes its mission as ending Big Tech’s assault on free speech by opening up the internet and giving people their voices back.
Trump Media & Technology Group (NDAQ:DJT) opened trading down nearly 5 per cent at US$16.29 per share and has fallen nearly 9 per cent since the year began.
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(Top image: Truth Social)
