Shares in Trump’s Truth Social fall following presidential debate
Win McNamee/Getty Images
(NEW YORK) — Shares in former President Donald Trump’s social media company fell more than 12% Wednesday morning on the heels of Tuesday’s presidential debate, which a CNN poll indicated was won by Vice President Kamala Harris.
Shares of Trump Media & Technology Group, the parent company of Truth Social, were trading Wednesday at the lowest level since the company first went public — a drop of more than 70% since a closing high of $66.22 on March 27.
As of noon, the company’s shares were selling for $16.29.
For some investors, Trump Media serves as a bellwether for the former president’s odds in the upcoming presidential election. When Trump was convicted on 34 felony counts in New York in May, the company’s stock price tumbled — but the stock surged in the days following the July presidential debate and the assassination attempt on the former president.
Analysts have said that the company’s stock performance is removed from the financial outlook of the company, which reported losing more than $16 million over a three-month period ending in June during which it only brought in $836,000 in revenue.
The stock price has been buoyed by a number of passionate individual investors who bought shares in the company to support Trump or because they believe in the company’s mission.
Next week, Trump faces a pivotal choice about his investment in the company. The lockup provision that barred him from selling his shares for the first six months since the company went public expires next week, meaning that Trump could begin selling his shares in the company as early as Sept. 19.
According to filings with the Securities and Exchange Commission, Trump owns approximately 115 million shares of the company, which are worth nearly $2 billion based on Wednesday’s stock price.
On paper, Trump has lost more than $4 billion in his stake over the last six months as the company’s stock price has declined.
A representative for Trump Media & Technology Group did not immediately respond to a request for comment from ABC News.
The Revuelto, Lamborghini’s first plug-in hybrid, pairs a V12 engine with three electric motors. — Morgan Korn/ABC News
(NEW YORKI) — Lamborghini has sold adrenaline-inducing speed and spaceship-like designs for decades, to much success.
The brand’s executives are blunt, however, when it comes to their cramped cabins: “We’re not very famous for the interior.”
That’s about to change. The Italian marque’s latest sports car, the Temerario, was designed, it seems, with one type of customer in mind: lanky drivers.
“We increased the roominess in the car … tall people can sit comfortably,” Lamborghini CEO Stephan Winkelmann told ABC News.
The Temerario, a plug-in hybrid that debuted in August, lives up to previous models: 10,000-rpm redline; top speed of 210 mph; 907 horsepower produced from the all-new twin-turbo 4.0-liter V8 powertrain; and an 8-speed dual-clutch gearbox. Yet it’s the added comfort that executives were eager to discuss.
Winkelmann said his team put a lot of emphasis and attention on storage space and headroom in the Temerario, partly to appease owners in the United States, the brand’s No. 1 market. The Temerario is being billed as more of a “weekend car,” with enough real estate to squeeze luggage behind the two front seats — unheard for the brand.
The storied carmaker is in the process of electrifying its lineup. In addition to the Temerario, Lamborghini showed off the Urus SE in April. The company’s first hybrid, the beastly 1,001 hp Reveulto (three electric motors assist the naturally aspirated 6.5-liter V12 engine), has a nearly three-year wait list. The flagship supercar went on sale last year.
“This is the best lineup we have,” Winkelmann said.
The Lamborghini exec spoke to ABC News about the company’s electrification strategy, industry challenges and what could put the brakes on the company’s upward sales trajectory.
The interview below has been edited and condensed for clarity.
Q: What’s been the early reaction by customers and enthusiasts to the Temerario, Lamborghini’s new hybrid sports car and successor to the Huracan?
A: It’s been very positive. We will see in the next weeks, months what the order collection is like. And I will be surprised if it’s negative.
Q: You made a point to underscore how comfortable this car is inside versus previous models as well as the added room for luggage. Is the company responding to customer feedback?
A: Everybody now wants everything. They want design, they want speed, they want a luggage compartment, they want space in the interior. We worked over the years on finding a way to create space without jeopardizing the design and the height of the car.
People are getting taller, especially in North America. We have a lot of tall, male customers. We worked on the performance of the car, the design and roominess, the handling. In a supercar, performance is more important than comfort. And design is more important than the luggage compartment. But now you have to try to get at least best in class in this type of segment so you work on everything.
Q: Could the Temerario have been built with a V10 engine?
A: We wanted to create something that sets apart the V12. The choice of the V8 … was something unique in our world — it’s also a matter of C02 emissions. We all agreed this was the choice. There was no way to continue with the V10.
Q: What will you miss most about the Huracan?
A: I was part of the team when we started to develop the car. These are memories I will never forget. The “baby Lamborghini” was a very important car for us and we really exploited what was possible to do.
The variant I love the most is the Sterrato. I wanted to do the Sterrato almost 10 years ago. Then I was away for some years [from the company] and I came back at the end of 2020. And they still hadn’t done the car. So I said, “We will do it.” And I think we did the right choice because it’s unique, and I really like it. It’s a lifestyle car but it’s also really fun to drive.
Q: Is there really a two-year wait for the Revuelto?
A: Even more. Two-and-a-half years at least in the U.S.
Q: You recently debuted the Urus SE, a hybrid SUV. What has reaction been like to this model?
A: We presented it in Beijing [in April]. The car is not on the road yet. The order bank is incredible and we’re happy.
Q: The first six months of 2024 show record results in terms of deliveries, revenues and operating income. What are you expecting for the second half of the year?
A: Things are going the right way. We don’t know who is going to be the next president of the U.S. … but we think it can be another very good year for Lamborghini if it goes like the first six months.
Q: Do U.S. presidents impact Lamborghini sales?
A: So far no. Kamala Harris, though, is an unknown variable.
Q: Have the recent stock market gyrations and recession chatter impacted the company?
A: Nobody knows the future. We look at the order bank and residual values. We look at the showroom traffic, the hesitation of people who may cancel orders. We go down to each and every dealer to see how they’re doing.
Q: The Revuelto is not your traditional plug-in hybrid — the electric motor is really there to add horsepower and boost performance. Will we see a true hybrid from Lamborghini — one that posts better fuel economy and record stats?
A: The mileage of the Temerario and Revuelto is, for sure, not the highest, but you have mileage in purely electric mode. The Urus has a much higher mileage of electric — 60 kilometers, so around 40 miles.
Q: Everyone loved the Lanzador concept last year. Is that still coming in 2028? Or will it be sooner?
A: Not sooner.
Q: When will we see a fully electric Lamborghini, if ever?
A: We are planning for the end of this decade. We stick to our plans.
Q: Are you surprised that enthusiasts are clinging to their V12s and V10s?
A: No, because we forecasted this. We said it’s far too early for supercars to go fully electric. But for the daily useable cars, in my opinion, this is a good opportunity.
Q: What is the biggest obstacle facing all automakers now?
A: I would say electrification is the biggest challenge globally. The other is the software development … cars are more and more connected. These are the two major challenges for the industry. For other brands, challenges are the cost of developing [electric] cars and the pricing of these cars. Then it has to be a fair competition around the globe, which is sometimes not the case.
Q: I appreciate that there are still buttons in Lamborghinis. Will that change over time?
A: A touchscreen is nice, but we also want to have the haptic [feel] and click of the buttons. Voice control will increase in cars, but to me, buttons are more luxurious than a touchscreen. We believe in buttons.
(NEW YORK) — Concerns about inflation have increasingly turned to concerns about the job market. Last month’s weaker than expected jobs report led to turmoil in stocks.
The U.S. added 142,000 jobs in August, according to the Bureau of Labor Statistics report on Friday. The figure was lower than expectations.
The reports showed a slowing but steady job market. The unemployment rate fell to 4.2%.
Jobs were added in construction and health care, according to the Bureau of Labor Statistics. July and June numbers were revised to show 86,000 fewer jobs than previously reported.
While these numbers are lower than expected, and do show a weakening job market, for now, this is still an economy that is adding a decent number of jobs. Given this latest data, the Fed is still on track to cut interest rates at its next meeting on Sept. 18.
Fed Chair Jerome Powell last month said “the time has come” to lower interest rates.
Powell indicated the Fed would soon bring interest rates down from a 23-year high. The shift could lower borrowing costs for everything from credit cards to auto loans to mortgages.
While the unemployment rate remains historically low, it ticked up to 3.8% last month. A sharp downward revision of job growth estimates in June and July lowered those totals by a combined 110,000 jobs.
(NEW YORK) — In the final weeks of the campaign, former President Donald Trump and Vice President Kamala Harris have sought to best each other on the all-important issue of the economy, which many voters rank as their top concern.
Both candidates have made manufacturing a centerpiece of their plans, but their respective approaches feature stark differences.
Harris aims to close corporate tax loopholes and throw government support behind the production of critical goods. By contrast, Trump wants to protect domestic manufacturers with tariffs on foreign products while cutting corporate taxes and easing regulations.
Manufacturing accounts for about 10% of U.S. gross domestic product and an even smaller share of the nation’s jobs. But the sector bears outsized importance since the production of essential goods holds national security implications and many manufacturing workers live in key swing states, experts said.
“There’s a belief that manufacturing is special,” Mary Lovely, a senior fellow at the Peterson Institute for International Economics who studies trade policy, told ABC News.
Here’s what to know about where Harris and Trump stand on manufacturing, and what experts think of their respective plans:
Trump: Tariffs and corporate tax cuts
On the campaign trail, Trump talks about tariffs more than just about any other policy proposal. The tax on imports makes up a key part of his plan for revitalizing manufacturing, alongside a lower tax burden for companies that he says would boost production and hiring.
Trump has promised a sharp escalation of tariffs enacted during his first term. Trump has proposed tariffs of between 60% and 100% on Chinese goods. A set of far-reaching tariffs would also include a tax as high as 20% on all imported products.
In theory, a tax on imports would give domestic producers a leg up in competition with foreign manufacturers, Christopher Conlon, a professor of economics at New York University who studies trade, told ABC News.
“His plan is based on the idea that foreign competitors are pricing their products too low and what we need to do is erect a wall of tariff barriers around the U.S.,” Conlon told ABC News.
An escalation of tariffs could expand certain areas of U.S. manufacturing vulnerable to foreign competition, which could result in added jobs at companies protected by the policy, experts said.
The economy added manufacturing over the first few years of his presidency, though the pandemic wiped out much of those gains.
Experts cautioned about a spike in input costs and consumer prices that could end up hindering many manufacturers and hammering household budgets. Evidence indicates that the Trump tax cut did not provide a significant boost for the economy, they added.
U.S. manufacturers of sophisticated products like automobiles and advanced medical equipment often import raw materials. A tariff would likely raise costs for those companies and risk making them less competitive on the global market, Conlon said. While adding jobs at some manufacturers, the policy could cause layoffs at others.
“Nobody seems to have shared that wisdom with the Trump campaign,” Conlon said.
A similar cause and effect applies to prices paid by everyday people for imported goods at the grocery or department store. Broad tariffs on foreign goods would likely force importing companies to raise prices and reignite inflation, experts said.
In a statement to ABC News, the Trump campaign said its manufacturing plan would create jobs and cut taxes.
“President Trump is a businessman who built the greatest economy in American history, and certainly doesn’t need economics lessons from a professor who has never created jobs or built anything in his life,” Trump campaign spokesperson Karoline Leavitt said.
“President Trump successfully imposed tariffs on China in his first term AND cut taxes for hardworking Americans here at home — and he will do it again in his second term. President Trump’s plan will result in millions of jobs and hundreds of billions of dollars returning home from China to America,” the statement added in part.
Harris: Close tax loopholes and provide government support
Harris has proposed a different approach to manufacturing that emphasizes closing tax loopholes for some large corporations and providing government support for high-priority areas within the sector.
The agenda carries over a key part of the strategy undertaken by the Biden administration, which invested billions into manufacturing through a series of measures focused on bolstering key industries.
The Inflation Reduction Act spent hundreds of millions of dollars to boost U.S. production of renewables as the nation pursues ambitious carbon emissions goals and a supply chain less dependent on China. While the CHIPS and Sciences Act infused tens of billions into the production of semiconductors.
“The Biden administration has picked sectors, and in those sectors companies are eligible for assistance,” said Lovely.
Last week, Harris put forward a plan calling for $100 billion investment in manufacturing to further bolster the sector. The policy would prioritize “industries of the future,” such as carbon-efficient steel production and data centers for artificial intelligence, the campaign said in a statement last week.
The Harris campaign said it aims to pay for the investment with a reform of the international tax code that prevents producers from skirting U.S. taxes in a “race to the bottom.”
“The facts are clear: When he was president, Trump lost nearly 200,000 manufacturing jobs and created new incentives for companies to ship American jobs to China. Economists warn if Trump takes power again, his policies will crush American manufacturing jobs, send even more jobs to China, and cost middle class families $4,000 a year. This is a fundamental contrast with Vice President Harris, who is leading an American manufacturing boom – creating jobs right here at home and outcompeting China,” Harris campaign spokesperson Joseph Costello said in a statement to ABC News.
It remains unclear whether the support for manufacturing provided by the Biden administration has yielded significant gains in output or jobs, experts said.
The measures, however, have elicited a burst of factory construction. Spending on manufacturing-related construction surged from $76.4 billion in January 2021 to $238.2 billion in August 2024, U.S. Census Bureau data showed.
The surge in construction marks a positive signal but the critical test will be whether the plants deliver strong output and well-paying, long-term jobs, said Conlon.
“We haven’t had enough time to see if there’s a real effect or not,” he added. “How many chips are getting built by these plants? We don’t know that yet.”
