Kamala Harris Surges Ahead, Causing Trump Media & Technology Group Shares to Plummet

Trump Media & Technology Group shares dropped 17% in premarket trading after Democratic candidate Kamala Harris gained an edge over Donald Trump in betting odds post a contentious debate. Harris's campaign also received a boost from Taylor Swift's endorsement. TMTG's valuation currently faces scrutiny amid its fluctuating market value.

Shares of Trump Media & Technology Group fell 17% in premarket trading on Wednesday as Democratic candidate Kamala Harris gained a lead over Republican rival Donald Trump in betting odds. The shift followed a combative presidential debate, where Harris attacked Trump's fitness for office and his support of abortion restrictions.

Post-debate, Trump's victory pricing slipped to 47 cents, while Harris's odds rose to 57 cents on PredictIt. Harris's campaign also received a boost from Taylor Swift's Instagram endorsement to her 280 million followers.

"The U.S. Presidential debate achieved its goal by providing a decisive edge to one of the candidates in what has been an exceptionally close race," said Charu Chanana, global market strategist at Saxo. Swift's endorsement is expected to further energize Harris's support among women and younger voters.

Trump Media & Technology Group, the parent of Truth Social app, saw its market value fluctuate wildly, dropping to $3.7 billion on Tuesday from a high of $9.2 billion in May. The company's valuation is under scrutiny as it significantly exceeds those of more profitable companies.

In early premarket trading, about 320,000 shares of Trump Media changed hands, making it one of the most actively traded stocks on Nasdaq.

(With inputs from agencies.)