Shares in Donald Trump’s media company soared as the firm made its formal debut on the stock market.
Shares surged past $70 in early trade, giving the firm a market value of more than $9bn. They ended the day at about $58, still up more than 16%.
The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.
The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.
Trump Media’s Truth Social, a Twitter-like service, brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.
It says 8.9 million accounts have been created since the platform launched to the general public in 2022 as an alternative to mainstream sites such as Facebook, but it is not clear how many are active.
By comparison, the recently-listed Reddit currently has a market value of about $11bn. It boasts more than 70 million users and brought in $800m in revenue last year.
Kristi Marvin, chief executive of SPACInsider, compared Trump Media – which trades under the ticker DJT for Mr Trump’s initials – to a meme stock, in which prices are untethered from the business prospects.
Interest in Trump Media has also been fuelled by individual investors, as opposed to Wall Street firms, many of them apparently Trump supporters.
Shares in Donald Trump’s media company soared as the firm made its formal debut on the stock market.
The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.
Shares surged past $70 in early trade, giving the firm a market value of more than $9bn. They ended the day at about $58, still up more than 16%.
Trump Media’s Truth Social, a Twitter-like service, brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.
The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.
The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $4bn.
Trump Media’s Truth Social, a Twitter-like service, brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.
It says 8.9 million accounts have been created since the platform launched to the general public in 2022 as an alternative to mainstream sites such as Facebook, but it is not clear how many are active.
By comparison, the recently-listed Reddit currently has a market value of about $11bn. It boasts more than 70 million users and brought in $800m in revenue last year.
Kristi Marvin, chief executive of SPACInsider, compared Trump Media – which trades under the ticker DJT for Mr Trump’s initials – to a meme stock, in which prices are untethered from the business prospects.
Interest in Trump Media has also been fuelled by individual investors, as opposed to Wall Street firms, many of them apparently Trump supporters.
#Donald #Trump #media #firm #soars #stock #market #debut
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
