Donald Trump's media ventures hit hard as Harris leads in polls
Donald Trump's streak of bad luck does not end with poll results, which increasingly show Kamala Harris's lead. This time, the former president received a financial blow. His companies are recording significant declines, and he himself has been removed from the list of the world's richest people.
Shares of Trump Media & Technology Group, the company controlling the social media platform Truth Social, founded by the former president of the United States, Donald Trump, are experiencing significant declines.
Their shares have been priced at the lowest since their stock market debut in April of this year. This is a substantial financial blow for Trump, as it caused him to disappear from the "Bloomberg Billionaires Index" of the world's 500 richest people.
According to CNN, stock market experts frequently highlight that Trump's Media company has an unreasonable valuation. Despite its financial losses, minimal revenue, and the relatively limited reach of Truth Social in the social media landscape, the company's worth remains high.
Matthew Tuttle, CEO of the investment firm Tuttle Capital Management, even believes that "if it weren't a Trump company, the share price would be at the level of one dollar".
Election-focused shares
Tuttle adds that strong stock market fluctuations are related to the increasingly fierce battle for the U.S. presidency. According to the analyst, Trump's companies will be profitable only if he wins the presidential election.
The first debate between Donald Trump and Kamala Harris will take place on Tuesday and Wednesday at 9:00 PM Eastern Time. The rules will be the same as during the last debate, which caused a political earthquake and led to Joe Biden resigning from seeking re-election.
According to experts, this debate may also be crucial, and how the Democratic candidate presents herself during it may determine her final result in the November elections.
Source: CNN, TVN24, WP News
