Donald Trump’s social media stock hit a record low following his challenging debate performance.

Wall Street reacted strongly as if Donald Trump lost the debate on Tuesday night. Investors quickly punished Trump’s social media business after his debate performance received widespread criticism. Several other “Trump trades,” including Bitcoin and Coinbase, also reversed course on Wednesday, while bonds and Asian currencies saw gains, and funds owning solar and other clean energy stocks rose sharply.

Shares of Trump Media & Technology Group, which owns Truth Social, plummeted 17% on Wednesday to their lowest level since going public in late March, eventually closing at a record low with a 10% drop.

This sharp decline was an immediate response to the ABC presidential debate, during which Vice President Kamala Harris managed to disrupt Trump’s performance. This reaction contrasted sharply with Trump Media’s stock movement on June 28, when shares briefly surged by 10% following a poor debate performance by President Joe Biden, only to fall back into negative territory by the end of the day.

Trump Media has sometimes been seen as a way for traders to speculate on Trump’s political future and his chances of returning to the White House. “The perception in the market is she won the debate,” said Matthew Tuttle, CEO of Tuttle Capital Management, referencing shifts in favor of Harris in the betting markets overnight.

Trump, the primary shareholder of Trump Media and the most popular user on its only significant product, Truth Social, is closely tied to the company’s stock, which trades under the ticker symbol “DJT.” Tuttle speculated, “If he loses, he may have to sell, and DJT could drop to $1. If he wins, he keeps his stake, and DJT could surge.”

Trump’s ability to sell his 114.75 million shares is currently restricted, but those lock-up restrictions are set to expire later this month. Once lifted, Trump could sell some shares; however, experts believe it would be nearly impossible for him to sell most or all of his holdings without causing a significant drop in the stock price.

Michael Block, Chief Strategy Officer and co-founder of AgentSmyth, noted that the selloff of Trump Media on Wednesday seems linked to investor reactions to the debate. “Given its lack of earnings and other measurable metrics, DJT isn’t a typical growth or value investment,” Block stated in an email. “It’s a story stock, and perhaps investors didn’t like the story President Trump was presenting.”

While Trump Media’s share price initially rallied before the debate, climbing 9% in the first two days of the week, the stock has struggled overall in recent months. It has lost about half its value since Biden exited the presidential race in July, and last week it hit its lowest level since going public.

The value of Trump’s stake in the company has also dropped dramatically, falling from $6.2 billion on May 9 to about $1.9 billion as of Wednesday.