NEW YORK, April 13 ― After a winning debut on Wall Street last month, Donald Trump's media group has suffered a bruising retreat, denting the Republican candidate's...
NEW YORK, April 13 ― After a winning debut on Wall Street last month, Donald Trump 's media group has suffered a bruising retreat, denting the Republican candidate's wealth as he faces legal challenges.
TMTG's ticker is “DJT,” Trump's initials. The company's principal asset is “Truth Social,” the social media platform launched for the ex-president after he was kicked off Twitter and Facebook in 2021 in the wake of the January 6 attack on the US Capitol.“Nothing would surprise me about this stock's trading,” said Matthew Kennedy, senior IPO Market strategist at Renaissance Capital. “It could jump to US$100 or drop to US$1 and I would be unfazed.
To justify such a valuation, a company would normally be expected to produce significant growth and profitability in the near-future ― scenarios that are considered highly unlikely, if not impossible. “I'd say this is a meme stock,” said Kennedy, alluding to GameStop and a handful of other equities that caught fire in early 2021 after being embraced by users of the Reddit platform.
Expecting “lots of volatility,” one anonymous investor who bought low said on Reddit he “took those profits and rolled them into put options, because of how overvalued the stock was.”
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