Donald Trump's social media stock closes at record low after his troubled debate performance

CNN New York —

Wall Street is behaving as if Donald Trump lost the debate on Tuesday night.

Investors were quick to punish Trump’s social media activity after the former president’s widely criticized debate performance. Other so-called “Trump” trades, including Bitcoin and Coinbase, declined Wednesday, while Asian bonds and currencies gained. And some funds that hold solar and other clean-energy stocks rose sharply.

Shares of Trump Media & Technology Group fell 17% on Wednesday, hitting their lowest level since the owner of Truth Social went public in late March, before ending the day at a record low, down 10%.

The sharp drop is an immediate reaction to the ABC presidential debate, in which Vice President Kamala Harris successfully destabilized Trump.

This is the exact opposite of how Trump Media’s stock price reacted on June 28 after President Joe Biden’s disastrous performance in the CNN debate. Trump Media initially rose 10% that day, before crashing and ending in the red.

Trump's media outlets have sometimes become a way for traders to bet on Trump's political fortunes and his chances of returning to the White House.

The market perception is that she won the debate, Matthew Tuttle, CEO of Tuttle Capital Management, told CNN on Wednesday, noting shifts in Harris' favor in overnight betting markets.

Trump is not only the dominant shareholder in Trump Media, he is also the most popular user of Truth Social, the company's only significant product. The company's stock symbol is even DJT.

“I think if he loses, he'll have to sell and DJT will go to $1. If he wins, he won't sell and DJT can try to get out,” Tuttle said.

The lockup restrictions preventing Trump from selling his 114.75 million shares of Trump Media are set to expire later this month. Lifting the lockup agreement will allow Trump to sell some shares, but experts say it would be nearly impossible for the former president to quickly dump most or all of his stake without sending the stock price plummeting.

Michael Block, chief strategy officer and co-founder of AgentSmyth, told CNN that the selloff in Trump Media on Wednesday appears to be related to what investors saw during the debate.

Given its lack of earnings and other quantifiable metrics, DJT isn’t exactly a traditional growth or value stock for investors, Block said in an email. DJT is a blockbuster stock, and perhaps investors didn’t like the story President Trump told the world last night.

Trump Media's stock price rose 9% in the run-up to the debate in the first two days of this week.

But overall, the stock has struggled badly in recent months, losing nearly half its value since Biden dropped out of the White House race in July. The owner of Truth Social fell last week to its lowest level since going public in late March.

The value of Trump's stake in the company has fallen sharply, from $6.2 billion on May 9 to about $1.9 billion on Wednesday.

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