PHILADELPHIA, PENNSYLVANIA - SEPTEMBER 10: Republican presidential nominee, former U.S. President Donald Trump and Democratic presidential nominee, U.S. Vice President Kamala Harris are seen on a screen as they debate for the first time during the presidential election campaign at The National Constitution Center on September 10, 2024 in Philadelphia, Pennsylvania. After earning the Democratic Party nomination following President Joe Biden's decision to leave the race, Harris faced off with Trump in what may be the only debate of the 2024 race for the White House. Kevin Dietsch/Getty Images
Following the first presidential debate, betting odds for a Kamala Harris presidency just got higher, while Donald Trump's company (DJT) takes the blow.
As reported by Reuters, DJT, which owns Truth Social, suffered a 15% decrease in shares during premarket trading. This is not the first time a huge decline welcomed Trump Media, as it already slumped almost 60% in July after Harris replaced Biden as the Democrat candidate.
At the same time, bet pricing for a Trump victory was also down to 47 cents, compared to Harris' 57 cents.
To make it worse for Trump, Kamala Harris also earned an endorsement from Taylor Swift. The megastar posted on her 280 million Instagram followers that she will vote for Harris and Walz this November, with a jab at JD Vance's 'childless cat lady' remark.
Now, the question is whether the Trump Media's shares will consistently go down as more endorsements are expected to come out and debates are lined up. Reuters also noted that while its market value jumped to nearly $9.2 billion, the stock has since been down 76% after that peak, which was around a failed assassination attempt.
Unfortunately for Trump, he's not allowed to sell shares if the stock price goes below $12 in the next 20 trading days. It's currently $15.73 and a slump is more expected. Once Trump begins offloading shares, the supply of shares will also increase.
"If he wins (the election) he doesn't have to sell his shares and DJT can grow into something. If he loses, he has to sell his shares to pay legal bills and it is unlikely DJT is a going concern," a capital asset management CEO told Reuters.
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