The Trump Media & Technology Group, which operates Donald Trump’s social media platform Truth Social, experienced a decline in its stock value after the presidential debate that took place on Tuesday night.

As of Wednesday afternoon, shares fell by over 11%, trading at $16.53 on the Nasdaq with the ticker DJT.

Previous reports from YSL News indicated that Trump Media has become a vehicle for investors to wager on Trump’s potential success against Kamala Harris in the presidential elections.

“Stock price fluctuations reflect changes in expectations,” remarked Mike Stegemoller, a finance professor at Baylor University in Waco, Texas. “It seems reasonable to think that expectations were higher for his performance last night than what actually occurred.”

According to regulatory documents from Trump Media, the company’s future is closely tied to Trump’s public image, noting a potential decline in its value if his popularity decreases. Shares have attracted individual investors eager to express their support for Trump.

Another reason for the drop in share prices may be linked to suggestions from the company that it might issue as many as $2.5 billion in new shares as part of an agreement made with Yorkville Advisors in July, according to Jay Ritter, a finance professor from the University of Florida.

“This selling pressure could be contributing to the overall decrease in stock price,” Ritter noted.

Since becoming public in March through a merger with a blank-check firm, Trump’s stock has shown significant volatility, plunging nearly 75% from its peak closing price in March. If the stock closes below $16.98 today, it would mark the company’s lowest closing price ever.

Trump holds approximately 60% of Trump Media’s shares, which were worth around $2 billion at Tuesday’s market close. A six-month restriction preventing him from selling shares is set to expire next week.

While a sale could help Trump cover his legal expenses, it might also saturate the market and further lower share prices. The Trump campaign has not yet responded to inquiries regarding Trump’s plans to sell his shares.

Contributing: Jessica Guynn, YSL News