Posted 3/30/2024, 10:34:50 AM
Trump's Truth Social Parent Company Surges in Stock Market Debut Despite Minimal Revenue
- Parent company of Trump's Truth Social platform defied expectations with strong stock market debut, closing at $62 per share
- Shares rose as high as $79.38 before settling near $62, valuing the company at $8.4 billion
- Despite stock surge, regulatory filings show Truth Social generated little revenue in 2022 and posted net loss of $49 million
- Experts say stock is a "meme stock" fueled by enthusiasm for Trump rather than financial fundamentals
- Stock rally could provide Trump billions in funds for 2024 campaign, legal fees, and Truth Social advertising