In a remarkable debut on NASDAQ, President Trump’s social media platform Truth Social closed its first trading day with a valuation skyrocketing to $8 billion, surpassing that of longstanding media titans like The New York Times.
While initially reaching a peak of $10 billion amid intense trading activity, the company’s valuation has stabilized at a still impressive level, despite generating only $3 million in revenue during the first nine months of the preceding year. According to the Daily Mail, The New York Times is valued at approximately $7 billion.
Donald Trump’s ‘Truth Social’ is worth more than The New York Times 🤣 pic.twitter.com/sQL04IbB5m
— ALX 🇺🇸 (@alx) March 27, 2024
Daily Mail confirmed:
The Times, which was established in 1851 and reported on the firm’s public trading debut which put its value as greater than Barbie-maker Mattel, is valued at about $7 billion.
It’s share price is about 2,000 times revenue.
Trump’s media company’s share price reached an incredible 2,000 times its revenue, drawing attention from both investors and critics. Some argue that the company’s astronomical valuation is less about its financial performance and more about investment in Trump’s brand and potential political prospects.
Vanity Fair whined about the skyrocketing value of the stock:
Some financial analysts have observed that Trump devotees are buying up shares of the company the same way they buy campaign hats at rallies, with the added benefit of potentially helping Trump escape grave financial and legal peril.
