Shares of Trump Media Technology Group (NASDAQ: DJT) are sinking in Wednesday's trading. The stock was down 13.2% as of 11:30 a.m. ET today, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was down 1.2% and the Nasdaq Composite index was down 0.7%.

Trump Media stock is heading lower following last night's presidential debate between Donald Trump and Kamala Harris. New inflation data and concerns that company insiders will soon be able to sell their shares after a lockup expires are also pressuring the company's valuation. Today's sell-offs have pushed Trump Media stock to a new lifetime low.

Donald Trump is the company's majority shareholder, and the stock has often made moves in conjunction with perceptions surrounding the outlook for the current presidential race. Some investors were likely looking for last night's debate to provide a bullish catalyst for the stock that could reverse selling pressures ahead of the looming lockup expiration.

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Source Fool.com