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.
Ooh, I’m gonna go see how long it takes to be banned.
Ugh it’s so calculated too… Just as Reddit went full retard, the Dumpf stands there welcoming the exodus to his Glorious One Regime As A Service.
What happened to Reddit after the Digg! migration was that Reddit turned into shit. And now reddit passes the concentrated shit onto the next gaping mouth who also happens to be President (because let’s not kid ourselves, that’s how we all know it will play out- we are not fighting the Republicans, we are fighting the Russians and the Republicans). When will the centipede stop feasting on our feces?
Twitter and reddit were public information sources, I see a pattern