Former President Donald Trump boasted that Tuesday’s confrontation with Vice President Kamala Harris was his best debatebut shareholders of Trump Media & Technology Group were less enthusiastic.
The parent company of Trump’s Truth Social The social network’s shares fell 17% on Wednesday, bringing them to a record low. As of midday Wednesday, the corporate’s shares were still trading about 13% lower at $16.19. In March, the stock was trading for $66, reaching a high last 12 months from $79.38.
Trump Media’s stock plunge is probably going linked to Trump’s performance throughout the debate with Harris on Tuesday, where the Vice President was in a position to get under his skin by mentioning the dimensions of the crowds at his rallies, his fame with the U.S. military and foreign leaders, previous bankruptcies and his conviction for a criminal offense. On the New Zealand-based online political and financial marketplace PredictionsKamala Harris moved away of Trump as bettors were more confident that she would win the upcoming presidential election.
Trump Media’s share price decline on Wednesday is the most recent example of how closely the corporate’s value is tied to the previous president. The stock shot up 30 percent after Trump survived an assassination attempt and again shortly after Trump’s first debate with President Joe Biden.
But since Biden stepped down and Harris took his place within the presidential race, Trump Media shares have lost greater than 50 percent of their value.
The falling price of Trump Media is bad news for Trump, who owns just below 60% of the corporate and has already seen the worth of his shares Decline of $4 billionHe lost one other $260 million in Wednesday’s crash, meaning the book value of his holdings is now around $1.9 billion.
Trump’s shares are suddenly value so much less just as he nears the date he’ll get the green light to sell, although he has not confirmed he will certainly accomplish that. Due to a 180-day lock-up period for company insiders, Trump is prohibited from selling stocks until the tip of September, although he could accomplish that as early as next 12 months. next week.
Selling a few of his billions in stocks could help Trump, whose legal fees have piled up as he deals with more Criminal casesLast week, a judge postponed the decision in Trump’s so-called “hush money trial” until after the presidential election in November.
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