Truth Social stock plunges by more than 15 percent after widely panned Trump debate

Shares in former President Donald Trump's Trump Media and Technology Group, the parent company of his Truth Social network, took a nosedive in early trading on Wednesday, plunging by more than 15 percent shortly after the opening bell on Wall Street.

The dive in Truth Social shares came after Trump delivered a widely criticizeddebate performance against Vice President Kamala Harris in which he ranted about hoax stories about Haitian immigrants eating Ohio residents' pets.

The drop in share price on Wednesday morning is just the latest in a series of downward slides the company has experienced since the value of its shares peaked in March this year at more than $66 each.

Now, however, shares of the company are trading in the $15 range with seemingly little hope of recovery in the near term, analysts say.

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At issue is the fact that earnings reports show that the Trump Media is not only massively unprofitable but is also generating remarkably little in terms of overall revenue.

In the last fiscal quarter, for instance, Trump Media generated just $836,900 in revenue, a 30 percent drop from the revenue it generated in the same quarter one year earlier.