Wed Sep 11 09:32:20 UTC 2024: ## Trump Media Shares Plunge After Harris Gains Ground in Debate

**NEW YORK** – Shares of Trump Media & Technology Group (TMTG) plummeted 17% in premarket trading on Wednesday, following a heated presidential debate where Democratic candidate Kamala Harris gained momentum against Republican rival Donald Trump.

Harris’ strong performance, characterized by consistent attacks on Trump’s fitness for office, his stance on abortion, and his legal troubles, prompted a visibly agitated Trump to respond with a series of false statements. This shift in the debate’s narrative led to a decline in Trump’s odds of victory on online betting site PredictIt, while Harris’ chances surged.

Adding fuel to the fire, pop icon Taylor Swift threw her weight behind Harris, endorsing the Democratic candidate to her massive 280 million Instagram followers. This endorsement is expected to bolster Harris’ support, particularly among younger voters and women.

Global market strategist Charu Chanana of Saxo commented, “The US Presidential debate achieved its goal by providing a decisive edge to one of the candidates in what has been an exceptionally close race. The debate was further energized by Taylor Swift’s endorsement, which could boost support from women and younger voters.”

Trump, as the largest shareholder in TMTG, holds significant influence over the company. TMTG, the parent company of the Truth Social app, is known for its popularity among retail traders, who closely track Trump’s political prospects.

However, TMTG’s valuation remains heavily inflated, currently exceeding 900 times its 2023 revenue of $4.1 million. This stark contrast to the valuations of larger companies, like Meta Platforms with a price-to-revenue valuation of 9.6, highlights the speculative nature of TMTG’s stock.

Since its listing through a reverse merger in March, TMTG’s market value has experienced a rollercoaster ride, reaching a peak of $9.2 billion in late May before declining to $3.7 billion on Tuesday. With over 320,000 shares traded in premarket, TMTG has become one of the most active Nasdaq stocks.

Read More