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.
Trump is the best thing to ever happen for the 1%. People are more divided then ever, and the media doesn’t have to report on anything but him.
Woah now, sometimes they switch it up!
Did you see what Taylor Swift was looking at recently? Her eyeballs glanced at something for like 5 seconds! What does it mean? The internet is just absolutely going crazy over the fact that insiders claim she farts sometimes too!
/s
I remember something about a war in Europe, but then out of the blue came a super weak Hamas attack on Israel, and now I don’t know who’s warring whom anymore. Taylor Swift though, she’s got above average looks and talent, so something is good in my world at least.