Trump Media took a 10% hit after former President Donald Trump‘s debate performance on Tuesday, according to premarket trading.
The Trump Media & Technology Group stock was already a fraction of the heights achieved in April — on debate day it was down 76% from its peak when shares were well over $60. It has been volatile ever since, falling and rising to significant heights. The most recent noticeable stumble was Wednesday, when it opened at over 10% less than the day prior.
The lower showing was likely a result of Trump’s polarizing debate performance on Tuesday night, his first against Vice President Kamala Harris.
The stock value has been steadily declining for weeks in anticipation of the Sept. 19 expiration date of the clause preventing Trump from selling his shares.
Trump owns 115 million shares of the stock, about 60% of the stake. At its April peak, his stake was valued at $6 billion. Currently, it’s worth roughly $2 billion.
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If Trump were to sell his stock, he would risk alienating 600,000 individual stockholders, most of them likely supporters.
The last major spike of the Trump Media stock was in July after the assassination attempt on him at a rally in Butler, Pennsylvania.