Stock Track | Trump Media Stock Plunges as Kamala Harris Gains Momentum in Presidential Race

Stock Track07-24

Shares of Trump Media & Technology Group (DJT) plummeted on Wednesday, extending losses from the previous session, as Vice President Kamala Harris solidified her position as the Democratic Party's nominee for the upcoming presidential election and gained ground against former President Donald Trump in opinion polls.

The social media company, which is majority-owned by Trump, saw its stock tumble by as much as 5.2% in premarket trading, following a 2.9% drop on Tuesday. The decline comes after a Reuters/Ipsos poll released on Tuesday showed Harris narrowly leading Trump in a national presidential survey, one of the first conducted since President Joe Biden ended his reelection campaign on Sunday.

According to the poll, Harris holds a two-point lead over Trump, 44% to 42%, a significant shift from the previous week's poll, which had the two candidates tied at 44%. The betting markets have also sharply increased the odds of a Harris victory, with the prediction market Predictit.org now giving her a 47% chance of winning, up from around 38% on Sunday evening.

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