Truth flies on Wall Street debut.
Donald Trump's social network manages to gain up to 50% in trading, pushing the former president into the Olympus of the 500 richest in the world drawn up by the Bloomberg Billionaires Index.
The sprint shows how the Trump 'brand' continues to have value regardless of the 91 charges brought against the former president.
Despite its weak revenues (only 3.4 million in 2023), Trump Media and Technology Group - which owns Truth and which is traded on the Nasdaq with the ticker DJT, the tycoon's initials - is worth over 10 billion, more than companies such as Alaska Airlines, Western Union and American Eagle Outfitter.
A value that many observers consider unusual because it has no basis in the fundamentals of the company and which, in its exaggeration, they compare to the 'meme' stock GameStop, which rose to prominence during the pandemic.
For the former president, the debut with a bang bodes well for Trump's new adventure on Wall Street.
In fact, between 1990 and 2000, Trump Hotel & Casino was listed with the same ticker 'DJT' but its shares, after a strong start, collapsed over the years and the company was forced into bankruptcy in 2004.
Trump controls almost 60% of Trump Media & Technology Group, a stake worth 5.5 billion.
The former president cannot sell his 78 million shares for six months, meaning he could sell them before the November elections to shield himself from criticism.
Even if bound, Trump could use the securities as collateral to obtain loans in the event that the board of directors, where everyone loyal to him sits including his son, authorized him to proceed.
This allows him to breathe a sigh of relief in the face of his huge legal costs, which continue to rise with the four indictments against him.
The reduction of the bail for the inflated assets of his companies to 175 million from almost 500 previously, however, reassured Trump by sweeping away the shadow of a seizure of his properties or a possible bankruptcy.
However, Truth's landing on Wall Street exposes Trump to risks.
As a public company, Trump Media and Technology will be subject to more stringent oversight by US authorities but will also be exposed to potential shareholder lawsuits if reporting deficiencies or misleading information are found.
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