Trump Media & Technology Group, the owner of struggling social media platform Truth Social, is began its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”

The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares have since stabilized at around $70, marking a 40% increase from Monday’s close.

Wall Street is assigning Trump Media an eye-popping valuation of around $13 billion — a price tag that experts warn is untethered to reality.

The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.

“This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.

  • @aidan
    link
    -210 months ago

    Every dollar you launder still has a risk of being caught, like I said, they have more pressing things to spend foreign currency on.

      • @aidan
        link
        110 months ago

        His bond was reduced, he doesn’t need the money that desperately that they’d own him

        • @[email protected]
          link
          fedilink
          310 months ago

          Since there isn’t enough info out there for either of us to be wholly right, I will have to agree to disagree.

          Cheers mate.

          • @aidan
            link
            210 months ago

            True fair enough

    • @guacupado
      link
      310 months ago

      What? Their money has literally impeded us continuing to give aid to Ukraine. Their investments are paying insane dividends.

      • @aidan
        link
        110 months ago

        Their money has literally impeded us continuing to give aid to Ukraine.

        Is there solid evidence of that?

          • @aidan
            link
            110 months ago

            Thanks for sharing the info