Stock Track | Trump Media Stock Tumbles as Kamala Harris Emerges as Democratic Nominee

Stock Track07-24

Shares of Trump Media & Technology Group (DJT) plunged 5.17% during intraday trading on Tuesday, as investors reacted to the increasing likelihood of Vice President Kamala Harris becoming the Democratic nominee for the 2024 presidential election.

The stock's decline came after President Joe Biden announced his withdrawal from the race on Sunday, subsequently endorsing Harris as his successor. This development has raised concerns among investors about the potential impact on former President Donald Trump's reelection chances.

Unlike Biden, who faced questions about his age and mental acuity, Harris is seen as a more formidable opponent for Trump. According to the New Zealand-based political futures market PredictIt, Trump's odds of winning the election have edged down from 64% to 57% since Biden's withdrawal.

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