After the attack, the share price of Donald Trump’s stock market company ‘Trump Media & Technology Group Corp’ exploded – and made Trump even richer: the shares rose by about 50% and broke new records. The company includes Trump’s Twitter(X) rival Truth Social, which will become more important if he wins the election.
Apparently, most investors on Wall Street now expect Trump to win the presidential election in November. The result would be, among other things, that Trump’s mouthpiece, the short-messaging app Truth Social, would become enormously popular and the number of users would increase sharply. In anticipation of this scenario, the share price of the listed parent company Trump Media rose by about 50 percent to over 29 dollars per share. For comparison: on Friday, one share was worth only $19.57.
Background: Trump is known to have made excessive use of the short-messaging service Twitter before and during his first presidency. However, after the storming of the Capitol on January 6, 2021, he was banned from several social networks, including Twitter, although current owner Elon Musk has since lifted the ban.
At times, Truth Social was number one in the Apple App Store
In order to continue to deliver his messages to the people at all times, Trump simply launched the Twitter competitor ‘Truth Social’. On April 27, 2022, Truth Social even reached number one in the Apple App Store.
In March 2024, the parent company ‘Trump Media & Technology Group Corp.’ finally went public – and disclosed its financials for the first time. Accordingly, the company suffered a loss of around $328 million in the first quarter of 2024, with a turnover of only $770,500. Experts called the stock risky.
Trump Media is valued at over $8 billion on the stock market
Since its IPO, the stock price of Trump’s publicly traded company has been up and down: on April 16, it was worth just $8.80, and in late June it briefly hit $27.62 before falling again. But now, after the failed assassination attempt, it’s at nearly $30, higher than ever before. In total, the company is now valued at more than $8 billion.
In any case, the recent price increase has made Trump, as a major shareholder of Trump Media, considerably richer. According to the American magazine ‘Forbes’, the shares are now his most valuable asset, even surpassing the value of all his other assets such as real estate, hotels, etc.
The well-being of the shares currently depends solely on one man
Experts advise investors to give the stock a wide berth. It is completely unclear whether Truth Social can actually become a competitor to Twitter (X) in the long term. After all, the well-being and misery of the stock currently depends solely on one man.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
