Harris Wins Debate, TMTG Shares Plunge

Shares of Trump Media & Technology Group plummeted by up to 18% in premarket trading following former President Donald Trump's debate with Vice President Kamala Harris, reflecting diminished investor confidence in Trump's electoral prospects. The company's stock, which trades under the ticker symbol 'DJT', has been highly volatile, often acting as a financial barometer for Trump's political fortunes. Trump's stake in the company, once valued at $6 billion, has now decreased significantly to approximately $2 billion. The stock's decline also coincides with the upcoming expiration of a regulatory lock-up period on September 19, which will allow Trump to sell his shares. The debate performance and subsequent drop highlight the media firm's dependence on Trump's popularity and political standing. Additionally, endorsements for Harris, such as from Taylor Swift, have further impacted market sentiments in favor of the Democratic candidate.