Trump Media Stock Rally Pushes Value of Trump’s Stake to $6 Billion – The New York Times
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In their first few weeks of trading, shares of Truth Social’s parent company soared, then crashed, and have recently made a strong recovery. Former President Donald J. Trump’s holding is now worth about $6 billion.
Shares of former President Donald J. Trump’s social media company have been on a wild ride since making their debut on Wall Street in March: soaring, crashing and then climbing again.
The rally has pushed the value of Mr. Trump’s majority stake in the company to some $6 billion, a major windfall as he ramps up his presidential campaign and faces steep legal bills tied to the multiple cases against him.
On Wednesday, the share price of Trump Media & Technology Group closed around $53, approaching where the parent company of Truth Social ended its first day of trading on March 26, at just under $58.
Mr. Trump owns nearly two-thirds of the company, but he is not allowed to sell his shares or use them as collateral for a few months. Trump Media’s multibillion-dollar market valuation has put it in the same league as established companies like American Airlines and Hasbro.
Source: FactSet; Trump Media
By The New York Times
The frenzied trading in Trump Media has been reminiscent of the mania around so-called meme stocks — shares that trade based on investor sentiment and momentum more than traditional financial fundamentals.
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