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You are at:Home » Donald Trump’s social media company had a big success on its first day on the New York Stock Exchange
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Donald Trump’s social media company had a big success on its first day on the New York Stock Exchange

RazaBy RazaMarch 27, 2024No Comments4 Mins Read
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Hey, did you hear the news about Donald Trump’s social media business? It totally rocked the stock market in New York yesterday! His stake in the company is now valued at nearly £5 billion!

So, Donald Trump Media & Technology Group, the folks behind his Truth Social platform, shot up almost 60% to $79 on the Nasdaq when trading began. They even use ‘DJT’ as their stock symbol, you know, a nod to Trump’s initials. By the end of the day, the stock closed up 16% at $57.99.

This is like a major win for Donald Trump , especially with all those legal bills piling up and him gearing up for another shot at the presidency.

With this surge, the company’s value is now over £7 billion, making Trump’s ownership stake worth a cool £4.9 billion.

But hold up, there’s a catch – lock-up restrictions might stop him from cashing in or using his shares as collateral for a loan for about six months.

So, Trump’s not exactly hitting the jackpot just yet. It all depends on how well those shares perform in the coming months.

Some smart folks, aka analysts, are waving red flags, saying that Trump Media’s shares might be hyped up too much, especially since they haven’t even turned a profit yet.

Thomas Hayes, the big cheese at Great Hill Capital, put it bluntly. The business might be priced higher than what it’s worth. This high price tag might be due to Trump’s fan club being enthusiastic, rather than reflecting a realistic assessment of the company’s future performance.

So, Trump Media made its big debut on the Nasdaq after merging with Digital World Acquisition. A kind of stock market-listed empty shell company, you know, one of those ‘spacs’.

Truth Social boasts 8.9 million accounts, but only about 5 million of those are actually active. Compare that to X, formerly known as Twitter, boasting a staggering 550 million users.

But here’s the kicker – Donald Trump company only raked in about £2.6 million in revenue in the first nine months of last year and lost nearly £40 million. Talk about burning through cash!

Dan Coatsworth, the investment analyst at AJ Bell, straight up said. The surge in the share price doesn’t match up with how the business is doing right now.

Donald Trump’s Media’s Memeworthy Surge

Remember back in February 2022 when Trump launched Truth Social as his comeback to what he called the ‘liberal media consortium’? He pitched it as a rival to X with a similar feed.

But let’s not forget the backstory – Trump got the boot from X, Facebook, and Instagram. After the Capitol Hill riot on January 6th. Before that, he used social media like his own personal megaphone, spilling policy announcements, sacking staff, and getting into Twitter spats. It was like his lifeline to his 88 million followers, a bunch of whom were his die-hard fans.

Now, the CEO of Donald Trump Media, Devin Nunes, who used to be a Republican in the House. Is talking big about reclaiming the internet from Big Tech. They’re even planning to roll out their own streaming service, promising it won’t be ‘woke’ like Netflix.

But here’s the kicker: Trump holds all the cards. The company straightforwardly acknowledged in a filing that they would be in trouble if Trump decided to abandon them maybe. Because he’s busy running for president again. Furthermore, Trump’s cronies, including his own son, dominate the board.

This has got some experts calling Trump Media a ‘meme stock,Like GameStop or AMC, you know, those stocks that blew up during the pandemic because of a frenzy from regular folks trading online.

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Raza

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