Trump Media & Technology Group's stock took a hit after Donald Trump's strong performance in the first debate of the 2024 election season against President Biden. The company behind Truth Social saw its shares drop 10.8% to $32.75/share, despite a brief surge in premarket trading. Market analysts are puzzled by the stock's volatility, driven largely by retail investors supporting Trump. Trump's stake in the company is worth under $3.8 billion, although the company's $6 billion-plus valuation is seen as vastly inflated given its minimal revenue and massive losses. LinkedIn co-founder Reid Hoffman called the valuation "absurd," suggesting TMTG is more realistically valued at $40 million rather than billions. With Trump unable to sell his shares until late September due to a lock-up requirement, the company continues to face skepticism about its long-term viability.