Trump’s social media company jumped in its trading debut, making it a big boost to his wealth
The founder and early exit of Trump’s Social Media business, Truth Media, as a social media empire went public in its first day of trading
The social media venture went public on Tuesday and soared as much as 62% in its first day of trading, potentially turning the former president’s fortune into billions of dollars.
The stock quickly rose more than 40 percent after being listed and trades under a ticker of Trump’s initials, DJT. The company is currently worth more than $7 billion. The stock was so volatile that it halted soon after it was listed and the value could change quickly. The financial performance of the company has not been good. It had revenue of over $3 million and lost over $50 million in the first three quarters of the year.
Though Trump stands to gain billions now since he owns more than 50% of Truth Media, he can’t sell his shares for another six months — unless he’s able to renegotiate his current agreement.
In a process called a “backdoor listing”, the company merged with an already listed shell company in order to list on the exchange instead of going through the laborious process of obtaining an initial public offering.
Ahead of the opening of trading on Tuesday, the former president was estimated to have increased his net worth by more than $4 billion, catapulting him into the ranks of 500 wealthiest people on the influential Brics Index.
Waiting for the election win: Diamond DWAC on Truth Social in the wake of the January 6 Peculiar Insight from the Capitol
In another Reddit thread, stockholders discussed at what price they would sell shares in the company. “At least waiting for the election win,” one user posted, with the tag Diamond DWAC, a reference to “diamond hands,” a desire to hold a stock despite volatility.
There’s a chance that $150 is probably waiting for the launch of TMTG+ streaming and stories videos. It can happen when our founder is the most reported on person on the world with the most attention to him and his platform. So maybe never‼️”
Truth Social has a lot of conspiracy theories. The site features a lot of topics including vaccine skeptics, electron denialism, and the great replacement theory. The company has also been marred in controversy since it began, following Trump’s ban from Twitter after the January 6 riot at the Capitol. A former employee filed a complaint with the SEC, and several other employees have also filed lawsuits against the company. The shareholders voted last week to make Trump Media and Technology Group a publicly traded holding company.
Source: ‘Trump 2024 To the Moon’: MAGA Fans Go All In on Truth Social Stock
A Pledge for the Founders of Digital Journalism (DemoDelta) and The Rise and Fall of the Anti-Devil
On Truth Social, one user said a prayer. I wish to praise all of the patriots who invested in #DJT. Please bless this investment and allow us to do your will and bring glory to you. Bless and protect our president DJT, and our country. In the name of Jesus.
The fans of Trump have posted about the stock on different websites in defiance of traditional investing logic. The script is provided by previous meme stocks like Gamestop, but the formula is simple: short sellers will die, and this stock is going to the moon and not sell no matter what.
