‘Trump 2024 to the Moon’: MAGA Fans Go All In on Truth Social Stock

Truth Social, former president Donald’s Trump’s clone of Twitter, has a fraction of the customers of opponents like Reddit and X. The firm has by no means turned a revenue, and simply occurs to be the place the place Trump is at present posting.

But on the Nasdaq, the inventory change the place Truth Social turned a publicly traded firm as we speak, there is a completely different story: Truth Social has develop into an authorized meme inventory. Trump supporters appear to have conflated their help for the previous president with the inventory itself, and are shopping for en masse.

The inventory shortly rose greater than 40 p.c after being listed and trades below a ticker of Trump’s initials, DJT. The firm is now valued at greater than $6.8 billion. The worth, nonetheless, may change shortly; the inventory was so risky that it briefly halted quickly after it was listed. The firm’s monetary efficiency has been underwhelming. It posted $3.3 million in income and misplaced $49 million within the first three quarters of 2023, based on regulatory filings.

Still, Trump’s followers have posted on Reddit, X, and Truth Social about how they plan to carry the inventory in defiance of conventional investing logic. Previous meme shares like GameStop and cryptocurrency tradition have helped present the script, however the rhetorical system is straightforward: Short sellers will perish, this inventory goes to the moon, and don’t promote it doesn’t matter what.

“Let’s go child! Trump 2024 to the moon,” one person posted on Reddit, adopted by the rocket ship emoji.

In one other Reddit thread, stockholders mentioned at what value they’d promote shares within the firm. “At least ready for the election win,” one person posted, with the tag Diamond DWAC, a reference to “diamond fingers,” a need to carry a inventory regardless of volatility.

“$150 possibly … however most likely ready for the launch of TMTG+ streaming and in addition tales movies,” one other replied. “Or when our founder is The Leader of The Free World (once more) and most reported on particular person on the world with essentially the most consideration on him and his platform. So possibly by no means‼️”

Reddit person deepfuckingbagholder speculated that the corporate may finally be price 1 trillion {dollars}. When one other person replied, saying that valuation could be just about unimaginable, deepfuckingbagholder wrote again: “This inventory represents the worth of Trump’s model and I personally consider it could obtain that valuation.”

Truth Social is, predictability, a hotbed of conspiracy theories. Election denialism, vaccine skepticism, and the nice substitute concept are all prominently featured on the positioning. The firm has additionally been mired in controversy because it started, following Trump’s ban from Twitter after the January 6, 2021, riot on the Capitol. A former senior worker filed a whistleblower grievance with the SEC, and different former workers have sued the corporate, alleging breach of contract. Shareholders voted to take the corporate public final week, merging Trump Media and Technology Group with a publicly traded holding firm, Digital World Acquisition Corp.

The outsize valuation of Truth Social has made Trump extremely wealthy. His internet price rose $4 billion to $6.5 billion, making him one of many world’s 500 richest individuals, based on calculations by Bloomberg News. Trump is restricted from promoting shares within the firm for about six months, so his internet price may nonetheless tank, nonetheless, if the value of Truth Social falls.

On Truth Social, one person mentioned a prayer.

“Bless all of the patriots invested in #DJT,” GothamGal wrote. “Bless this funding, and make us profitable in order that we could do your will and produce glory to you. Bless and shield our president DJT, and our nation. In Jesus identify.”

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