Trump Media Shares Plummet Amid Harris Debate Success

Shares of Donald Trump's company, Trump Media & Technology Group, fell 15% in premarket trading following Kamala Harris' strong performance in the presidential debate. Harris' improved chances in the 2024 election impacted Trump's company's market value. Retail traders respond to these shifts, affecting stock performance significantly.

Shares of the Republican candidate Donald Trump's company that owns Truth Social fell by 15% in premarket trading on Wednesday. This came as betting odds showed an increased likelihood of Democratic candidate Kamala Harris winning, after a combative presidential debate where Harris was seen as the stronger candidate.

Trump Media & Technology Group, with a market value of $3.7 billion, has its shares commonly traded by retail investors. The stock has experienced a significant downturn, nearly 60% since mid-July, as Harris replaced President Joe Biden as the Democratic candidate and her chances against Trump increased.

Following the debate, online betting odds for a Trump victory decreased by 6 cents, landing at 47 cents with a potential $1 payout on PredictIt, while Harris' odds increased to 57 cents from 53 cents. Pop star Taylor Swift's endorsement of Harris further boosted her candidacy.

(With inputs from agencies.)