Trump’s Truth Social is now a public company. Experts warn its multibillion-dollar valuation defies logic | CNN Business

girlfreddy@lemmy.ca to News@lemmy.world – 598 points – Trump’s Truth Social is now a public company. Experts warn its multibillion-dollar valuation defies logic | CNN Business
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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.

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"defies logic" no it doesn't it is a wall street con job per usual for those fucking ghouls lol.

I don't think "con job" is the whole story here. There's always money to be made when morons gather together and soulless hedge fund managers don't care about the side effects. What better place could there be to sell advertising space for testosterone supplements and nuclear fallout shelters?

Not to mention all the free advertising for it from both social and mainstream media.

Con job is the name for what you described. It is short hand for confidence game and literally means "A confidence game, also known as a con, scam, grift, or flim flam, is an attempt to win the trust and confidence of a victim, known as the "mark," in order to defraud them."

Those soulless hedge fund managers and conning the investors and Trumpers to make money.

There's always money to be made when morons gather together

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.