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.
They can still trade in rubles with other countries that are willing to trade with them. It’s not inconceivable that they can ‘launder’ a trade via, say India:
Russia buys a few billion-ruble toothbrushes from India
India invests the equivalent in USD with $DJT (minus a cut)
India uses those rubles to trade at market value for goods with other countries that also trade in rubles
Replace India and Saudi Arabia with any 2 countries on this list: https://www.tbsnews.net/economy/bangladesh-among-over-30-countries-approved-trade-rouble-russian-embassy-705798
Cluing in many people into conspiracies like that would require makes them much harder to keep secret