Trump’s Truth Social is going public today. Experts warn $9 billion valuation defies logic
CNN
For the first time in almost 30 years, part of Donald Trump’s business empire is going public.
For the first time in almost 30 years, part of Donald Trump’s business empire is going public. Trump Media & Technology Group, the owner of struggling social media platform Truth Social, is set to begin its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.” Wall Street is assigning Trump Media an eye-popping valuation of around $9 billion – a price tag that experts warn is untethered to reality. Shares of Digital World Acquisition Corp., the shell company that is about to become Trump Media, have spiked nearly 200% so far this year. That includes a 35% surge Monday after the deal closed. 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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