Trump trades plunge after debate
Make us a preferred source
Make us a preferred source on Google
The news: Traders unwound positions tied to Donald Trump after many analysts judged Kamala Harris outperformed the Republican candidate in the presidential debate.
Trump Media & Technology Group shares tumbled by as much as 17.87% following the combative face off, where Harris was widely perceived as keeping him on the back foot.
The numbers: Shortly after the debate, pop megastar Taylor Swift told her 280 million Instagram followers she would vote for the Democratic ticket.
Trump's company stock, already down 80% from its March high, has now lost USD6 billion ($9 billion) in value since May, according to Bloomberg.
Betting markets moved in Harris’s favour after the debate, further contributing to TMTG’s decline, which comes ahead of the expiration of a lockup period on 19 September, when insiders, including Trump, will be allowed to sell shares.
Bitcoin, considered a “Trump trade” due to his support for the digital-asset sector, fell 3.4% before recovering slightly to $55,850. Renewable energy stocks rose, with the Invesco Solar ETF gaining over 3%.
The context: The election remains close, with polls and betting markets showing shifting odds. The candidate’s performance in the debate, coupled with Swift’s endorsement, may sway voter sentiment among swing voters who may determine the result in November.
