In a dramatic turn of events following a heated presidential debate, shares of Donald Trump’s enterprise holding Truth Social plummeted, marking a significant downturn in the company’s financial performance. Trump Media & Technology Group, listed under ticker DJT, saw its stock dive over 13% to $16.16 – a record low since its inception with Digital World Acquisition in March, reflecting the market’s reaction to the changing political landscape.
The debate seemed to sway public opinion and betting odds, emphasizing Kamala Harris’ rising prospects against Trump, who holds more than half of the stakes in TMTG, now valued at $3.7 billion. Trump’s attempt to appeal as the cryptocurrency champion at the 2024 Bitcoin Conference couldn’t cushion the blow to his company’s stock and the broader crypto market, which also faced declines.
Retail traders, having rallied behind TMTG shares, are now grappling with nearly a 60% slump since mid-July, correlating with Harris’ improved standing after she took over the Democratic candidacy from President Biden. The aftermath of the debate only intensified this trend, with Harris’ odds of clinching the presidency inching up, further exacerbated by pop icon Taylor Swift’s endorsement of Harris to her extensive social media following.
In a twist of fate, Trump’s eligibility to offload his shares follows a lockup expiration deal with Digital World, stirring investor concerns over potential further downturns. Notably, the debate’s ripple effect wasn’t confined to stock markets alone but extended to cryptocurrencies, attributing a dip in Bitcoin and Ether values to the diminishing odds of a pro-crypto Trump administration.
Experts and market analysts attribute this downturn to the debate outcomes and prominent endorsements for Harris, gauging a less crypto-friendly future under her potential presidency. This shift in momentum presents a speculative outlook for financial markets, particularly for stakeholders invested in cryptocurrency and the fluctuating fortunes of Trump’s business ventures.
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