Donald Trump’s social media stock is plunging after his rocky debate performance
CNN
Wall Street sure is acting like Donald Trump lost the debate Tuesday night.
Wall Street sure is acting like Donald Trump lost the debate Tuesday night. Investors swiftly penalized Trump’s social media business following the former president’s widely panned debate performance. Other so-called Trump trades, including bitcoin and Coinbase, went into reverse Wednesday, while bonds and Asian currencies rallied. And some funds that own solar and other clean energy stocks rose sharply. Shares of Trump Media & Technology Group plunged 10% in premarket trading Wednesday, leaving them on pace to open at the lowest level since the Truth Social owner went public in late March. The sharp selloff represents an immediate reaction to the ABC presidential debate, where Vice President Kamala Harris successfully threw Trump off his game. It’s the exact opposite of the reaction in Trump Media’s share price on June 28 after President Joe Biden’s disastrous performance in the CNN debate. Trump Media initially spiked 10% that day, before fizzling and ending in the red. Trump Media has at times become a way for traders to bet on the political fortunes of Trump and the chances he returns to the White House.
If voted into office in the November US presidential election, former President Donald Trump said he promises to impose sweeping tariffs of at least 10% on all foreign imports, up to 60% for some Chinese products, and levies as high as 100% for countries that abandon the dollar as their reserve currency.