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.
Hence Trump selling ugly sneakers and “presidentially endorsed” bibles…
Him selling bibles just astounds me. How did he not just explode into a billion orange particles when he picked it up?
There really is no justice in the world.
My brain starts to ache just trying to figure out how the heck anybody can associate that man with any morally-goaled faith.
Even the most basic background on things he doesn’t even dispute shows he’s the antithesis of everything Jesus even talked about.
I’m surprised anyone who considers themselves and this guy a “Christian” doesn’t just spontaneously combust from the sheer cognitive dissonance required to hold themselves together.