Trump Media Shares Plummet 15% To Record Low After Debate

 

Vice President Kamala Harris became the betting favorite to win the election after a debate with the former president.

Shares for Trump Media on Wednesday dropped more than 15%, falling to what would be a new record low for the stock, after Vice President Kamala Harris became the betting favorite to win the election after a debate with former President Donald Trump, the majority stakeholder in the Truth Social parent.

Key Facts

Trump Media and Technology Group shares fell below $15.75 as of around 9:50 a.m. EDT, pacing the stock’s record low price of $16.70 set on Sept. 4.

Trump faced off in his second debate of the 2024 election and his first against Harris on Tuesday, and several bookmakers favored Harris’ performance: The Election Betting Odds tracker, which consolidates odds from four separate markets, suggests Harris has a 51.8% chance of winning and the crypto platform Polymarket—which previously favored Trump—has both candidates with a 49% chance.

The value of Trump’s roughly 60% stake—totaling 78.75 million shares—dropped to $1.2 billion from $1.4 billion.

What To Watch For

Whether Trump offloads shares in Trump Media. Since going public in March through a reverse merger with a special-purpose company, some shareholders—those who own 5% or more of shares or who serve in high-level management positions—have been unable to sell their shares in a lock-up period. The earliest possible date for the lock-up period to end is Sept. 19, if Trump Media shares remain above $12.