HomeLatest NewsTrump's 'Truth Social' Skyrockets on First Trading Day: What's Behind the Surge?

Trump’s ‘Truth Social’ Skyrockets on First Trading Day: What’s Behind the Surge?

Published on

The shares of Donald Trump’s company Truth Social, a social media platform, soared around 40% on the first trading day. This could be a huge windfall for the former President.

Trump Media & Technology (parent company of Truth Social) rose to 50 percent before settling at a market cap of about $15 billion (£11.9 billion). The trading was stopped at one point because of volatility.

Truth Social’s CEO Devin Nunes called the listing of the company’s stock on the NASDAQ a “pivotal” moment.

Nunes stated that as a publicly traded company, “we will pursue with passion our vision of building a movement to reclaim Internet from Big Tech’s censors.” Nunes said, “We will continue our commitment to Americans by serving as a haven for free speech and standing up to an ever-growing Army of Speech Suppressors.”

If the initial price of $50 per share is maintained, Trump Media’s debut could bring him over $3 billion. This would be a substantial increase in his net worth. Trump holds around 79,000,000 shares or about 60 percent, but rules prevent him from selling his holdings within six months.

Bloomberg acknowledged this sudden rise in wealth on Monday when they announced that he was now included on their list of 500 richest people around the world. Donald Trump’s empire of business was expected to be at risk on Monday. The article stated that it was the greatest day ever for the wealth of the former president.

Truth Social launched in February 2022. This was around a year after Trump had been banned from popular platforms like Facebook and X (formerly known as Twitter) in response to the protests of January 6. Trump, who has been reinstated to both platforms since then, has chosen to continue to post exclusively on Truth Social.

Investors will likely downplay the value of Truth Social, as it only has a fraction of users compared to other social media companies. Elon Musk’s purchase of Twitter has somewhat undermined its core mission to bring free speech to the entire world.

Musk, in addition to renaming the platform X, has also ended the censorship that had previously controlled the company. Musk has restored most of the previously banned accounts causing anger amongst the liberal establishment. Other alt-tech social media sites such as GETTR Gab and Parler are now largely forgotten as users realize their largest audience is on X.

Latest articles

Surprising Twist: Guess Who Wants to Join NATO Now?

The famous NATO Article 5 begins with the words "The Parties agree an attack...

Biden’s Awkward Staged Visit to Wawa Leaves Everyone Cringing

Donald Trump surprised a Chick-fil-A in Atlanta last week. Trump was greeted enthusiastically by...

Planned Parenthood Accused of Administering Gender-Affirming Care to Minors Without Parental Consent

The State Attorney General is gathering evidence that Planned Parenthood - the abortion giant...

Biden Goes Full-On Incoherent During Remarks in Philly; He Even Needs Help to Close a Box

Joe Biden attended several campaign events in Philadelphia, including a meeting with the Kennedy...

More like this

Surprising Twist: Guess Who Wants to Join NATO Now?

The famous NATO Article 5 begins with the words "The Parties agree an attack...

Biden’s Awkward Staged Visit to Wawa Leaves Everyone Cringing

Donald Trump surprised a Chick-fil-A in Atlanta last week. Trump was greeted enthusiastically by...

Planned Parenthood Accused of Administering Gender-Affirming Care to Minors Without Parental Consent

The State Attorney General is gathering evidence that Planned Parenthood - the abortion giant...