For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang.

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.

  • kent_ehEnglish
    5·
    8 months ago

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

    Hence Trump selling ugly sneakers and “presidentially endorsed” bibles…

    • girlfreddyOP
      5·
      8 months ago

      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.

      • MonkeMischief@lemmy.today
        5·
        8 months ago

        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.

      • Ann Archy@lemmy.world
        3·
        8 months ago

        Oh god I thought that was a joke.

        Edit: hoooooly shit.
        https://apnews.com/article/trump-god-bless-usa-bible-greenwood-2713fda3efdfa297d0f024efb1ca3003

        This surpasses Simpsons levels of dark humor.

        “The word of God- approved by and with written foreword in simple English by Mussolini Gurbanguly Berdimuhamedow Nicolae Ceaușescu Damold G Trumph, only $59.99”
        You know how I know God isn’t real? Because that.

        Jesus be like… “dude”.