Trump Media & Technology Group Corp. (NASDAQ: DJT), the parent company of Truth Social, took a nosedive following Donald Trump’s debate with Vice President Kamala Harris on Tuesday night. The stock fell to a record low, plummeting 10% in premarket trading and further declining 13% to $16.19 by midday on Wednesday.
“The market’s perception is that she won the debate,” noted Jason Tuttle, CEO of Tuttle Capital. Betting markets that favored Harris shifted overnight, reflecting investor sentiment and demonstrating how closely tied DJT‘s fortunes are to Trump’s political standing.
DJT‘s value is inextricably linked to Trump’s political prospects, given that he owns nearly 60% of the company. The share price fluctuates with his performance on the political stage. After a negative public performance, the impacts are immediate and palpable.
“The narrative President Trump presented last night didn’t sit well with investors,” explained Ryan Block, Strategy Officer and Co-founder of AgentSmyth. “DJT is a narrative stock, and perhaps investors were not fond of the narrative.”
Ryan Block
This sentiment underscores how vital Trump’s public appearances and political performance are to DJT‘s market performance.
Adding to investor trepidation is the upcoming lock-up period expiration, which prevents Trump from selling his shares until late September. With many wondering what Trump might do once he’s free to trade, the potential for a large-scale selloff is creating a palpable sense of anxiety in the market. Investors worry that such a move could further depress the already struggling stock.
Let’s dig into the nitty-gritty numbers of Trump Media & Technology Group Corp. Here are some crucial metrics and financial insights:
| Metric | Value |
|---|---|
| Company Name | Trump Media & Technology Group Corp. |
| Stock Ticker | DJT (NASDAQ) |
| Headquarters | Sarasota, Florida |
| Founder | Andy Litinsky and Wes Moss |
| Primary Owner | Donald Trump (approx. 60% shares) |
| Controlled Entities | Truth Social, TMTG+ (forthcoming) |
| Listed Date | March 26, 2024 |
| 52-Week Price Range | $13.11 – $79.38 |
| Latest Price (9/11/2024) | $16.68 |
| Lock-up Period Expiration | September 19, 2024 |
| 2Q Revenue (2024) | $836,900 |
| 2Q Loss (2024) | $16.4 million |
| Stock Drop After Kamala Harris Debate | 15% to $15.84 |
Ever since its merger in March, DJT‘s stock has been on a rollercoaster ride. Despite experiencing a brief surge in June following President Biden’s lackluster debate performance, the stock has consistently declined, losing around 50% of its value since Biden exited the race in July.
As the market reels from the fallout of the debate, the looming expiration of the lock-up period adds another layer of uncertainty. Investors need to brace for more volatility ahead. With Trump’s political future nonetheless still a central theme, the value of Trump Media & Technology Group Corp. will continue to be deeply interwoven with his narrative on the public stage.
