DJT Stock Falls. Why Kamala Harris Is a Worry for Trump Media. -- Barrons.com

Dow Jones07-23

By George Glover

Trump Media and Technology stock was poised to open lower on Tuesday, with Vice President Kamala Harris on course to win the Democratic nomination for November's election.

The stock, which is majority owned by Republican candidate Donald Trump and trades under the ticker DJT, was down 3.6% to $33.46 ahead of the opening bell.

Trump Media's stock price has tended to indicate how investors feel about the former president's reelection chances, rather than fundamentals such as the company's earnings or future cash flows. The Truth Social parent is a bit-part player in the social-media market, which is dominated by Big Tech companies including Meta Platforms and Elon Musk's X.

Harris said on Monday that she had received the support of enough delegates to become her party's official candidate and was "look[ing] forward to formally accepting the nomination soon."

Trump's odds of winning the election have edged down from 64% to 57% since current President Joe Biden pulled out of the race on Sunday, according to the New Zealand-based political futures market PredictIt, although its gauge is thinly traded and a reflection of its audience's views.

Unlike Biden, Harris is unlikely to face questions about her age and mental acuity, which could make her a more formidable foe for Trump.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 23, 2024 07:43 ET (11:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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