Trump Media & Technology Group’s Stock Continues to Soar
Following a stellar Nasdaq debut, shares of Trump Media & Technology Group (TMTG) saw a significant uptick, with a 17% surge on Wednesday. This marked the continuation of an impressive performance that began on Tuesday, capturing the attention of retail investors and ardent supporters of former President Donald Trump.
The company behind Truth Social, the social network spearheaded by Trump, has experienced a remarkable rise in its stock value. Since its introduction to Wall Street through a merger with a blank-check company, TMTG’s shares have soared by over 30%. The stock price, which stood at $67.69, pushed the company’s market capitalization to a whopping $9.1 billion, effectively raising the valuation of Trump’s stake to beyond $5 billion.
Despite the current market enthusiasm, experts like Susannah Streeter, head of money and markets at Hargreaves Lansdown, caution about potential fluctuations. She predicts “
Truth Social’s user base currently stands at approximately 8.9 million sign-ups, a figure that has been under scrutiny as the platform has not disclosed active user statistics. This is in contrast to other social media giants; for instance, X reported 238 million daily active users as of June 2022, while Reddit boasts 73 million active users. Interestingly, Reddit’s market valuation mirrored that of TMTG on Wednesday, despite experiencing a 10% drop after its own recent debut on Wall Street.
The alliance between Digital World Acquisition Corp and TMTG has proven to be lucrative, with their combined stock value skyrocketing by over 600% since the merger was first announced in 2021. This surge has solidified TMTG’s position as one of the infamous meme stocks on Wall Street, a category known for their volatile yet potentially rewarding nature.
