A sudden nosedive followed by…
Shares of Trump Media & Technology Group (DJT), the parent company of Truth Social, fell by 17% on Wednesday following former President Donald Trump’s performance during the ABC News debate against Vice President Kamala Harris.
According to a report from Mediaite, the 17% nosedive in early trading on Wednesday marked the company hitting a record low since going public in March. Last week, its share price of $16.98 marked a more than 70% decline from when it first went public. The stocks fell below the $15.75 mark in early morning trading on Wednesday at around 9:35 a.m., beating out the previous low of $16.70.
When Trump’s company first hit the Nasdaq stock exchange, it hit a high share price of $79.38.
The stock of Trump’s media company has been viewed by many as a reflection of the success of his campaign. Headed into Wednesday’s debate, there appeared to be optimism in the former president as shares saw a 10% bump.
However, the new, post-merger low appears to have only been temporary. After Trump himself ended speculation on Friday night that he would sell his shares:
Trump vows to not sell his $DJT Media shares.
“No, I’m not selling” pic.twitter.com/PJyE8rNc6w
— Strattonite (@Strattonite01) September 13, 2024
LETS GO BOSS!!! I LOVE THE STOCK!!! $DJT pic.twitter.com/azwmLeczQd
— Mike! (@willmikemadeit) September 13, 2024
According to its company profile on CNBC, “TruthSocial, provides an outlet outside of Big Tech that encourages open global conversation without discriminating against political ideology. The Company is also focused on developing a subscription-based video streaming service, TMTG+, which intends to include access to non-woke entertainment, news, documentaries, podcasts and more.”
Its president and chief executive officer is Devin Nunes, former U.S. representative from California and chair of the House Intelligence Committee.
Harris challenged Trump to a second debate following Tuesday’s ABC News event, but it’s unclear whether another debate will happen.
According to letters shared with the Trump and Harris campaign, the debate would feature Fox News anchors Bret Baier and Martha MacCallum as moderators in a 90-minute format with muted mics and no audience present.
The network’s proposal, which was sent out at 7.30 p.m. (ET), mere hours before rival ABC News’ presidential debate, suggests three dates and locations across key battleground states as early voting begins.
Trump has yet to accept the invitation for a second debate.
“She wants it because she lost,” Trump told Fox News’ Sean Hannity.
In another Fox News interview, Trump suggested they “let it settle in and see what happens.”
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