By Elsa Ohlen
Trump Media and Technology stock fell further after majority owner former President Donald Trump traded insults with Vice President Kamala Harris as the pair ramped up the race for the White House.
Shares in the Truth Social parent were down 2.4% to $29.88 in premarket trading on Thursday after having closed almost 7% lower at $30.62 on Wednesday in what was the Nasdaq Composite index's worst single-day drop since 2022.
The stock, which trades under the ticker DJT, surged after the July 13 assassination attempt on Republican presidential candidate Trump. It then dropped as Kamala Harris this week secured enough support to become the Democratic Party nominee. And it could be headed for more volatility as the pair escalate their campaigns leading up the November 5 election.
Trump on Wednesday came up with a new nickname for his opponent: "Lyin' Kamala," and has routinely called her "dumb as rock," "crazy" and "vicious."
For her part, Harris, a former prosecutor, took a swipe at Trump's record as a felon during her first election rally. "I took on perpetrators of all kinds. Predators who abused women. Fraudsters who ripped off consumers. Cheaters who broke the rules for their own gain. So hear me when I say I know Donald Trump's type," she said.
Meanwhile, President Joe Biden gave his first words to the nation since he dropped his bid for re-election on Sunday and stressed that it was time for a new generation of leaders.
The DJT share price is notoriously volatile as it's seemingly a proxy for Trump's chances for a second presidency, rather than based on company fundamentals.
With 102 days until the election, polls suggest a tight race between the vice president and the former president. A new Reuters/Ipsos poll gave Harris a small lead, but others show Trump ahead.
Brace yourself for more volatility.
Write to Elsa Ohlen at elsa.ohlen@barrons.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 25, 2024 07:17 ET (11:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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