Trump Media & Technology Group (TMTG) stock plummeted more than 20% on Wednesday, marking the company’s worst trading day since going public in March.
The company’s stock price plunged 22.29% to close at $40.03 per share on Wednesday, compared to Tuesday’s closing price of $51.51.
Trump Media & Technology Group is the parent company of Truth Social and trades under the symbol DJT. The second worst trading day was April 1, when the stock fell 21.5%.
Wednesday was an unusual day for TMTG, which has been off in recent weeks amid mounting speculation that former President Donald Trump could win the 2024 U.S. presidential election. .
Republican presidential candidate and former President Donald Trump speaks at a campaign rally at Madison Square Garden in New York City on October 27, 2024. Shares of Trump’s namesake company have fallen more than 20%… Former President Donald Trump, the Republican presidential candidate, speaks at a campaign rally at Madison Square Garden in New York City on October 27, 2024. Shares in President Trump’s namesake company fell more than 20% Wednesday. More Anna Moneymaker/Getty Images
As Newsweek previously reported, the company’s stock price has soared more than 200 percent in the last month, a sign of recent signs that Trump’s chances of defeating Vice President Kamala Harris in the general election are steadily increasing. This is consistent with public opinion polls.
Trump and Harris have been in a tight race for weeks. According to 538, Harris currently has a slight lead over Trump in national polls, with Democratic candidates receiving an average of 48% of the vote and Trump receiving 46.7%. According to 538, Trump’s chances of winning are 51% and Harris’s chances are 49%, effectively making them the same percentage.
Trump’s net worth took a big hit as the stock price of his company plummeted on Wednesday. He currently owns 57.3% of the company, and CNN reported that Trump’s stake in the company was valued at about $5.9 billion as of Tuesday night. By Wednesday, that number had fallen to $4.6 billion.
On Tuesday night, Trump’s media company was worth more than billionaire Elon Musk’s X Holdings, which owns X Corp., formerly known as Twitter.
The cause of TMTG’s stock price plunge is unclear, and the company has not released any information to explain the plunge.
The company’s stock price is an important indicator of how the market expects the outcome of the election.
Although Harris got off to a strong start when she began her early campaign in July, the Democratic nominee has experienced a series of stumbles on and off the campaign trail in recent weeks, including a series of stumbling blocks between her and Trump. It helped bridge the gap between the two.
President Trump has also tended to criticize the Biden administration’s immigration policies. Harris-Biden has been dubbed the “border czar” by Harris-Biden, even though as vice president she has little control over U.S. immigration policy.
Meanwhile, Ms. Harris has stepped up her attacks on Mr. Trump’s fitness and mental strength to serve as president, as well as his pledge to retaliate against his political opponents if re-elected.
“This is a man who is unstable, obsessed with revenge, obsessed with grievances, and bent on gaining unchecked power,” she said Tuesday at a rally at the Ellipse in Washington, D.C.
