The stock created such a frenzy that Nasdaq briefly halted its trading just two minutes after it began for the day.
Former president Donald Trump’s social media startup gained 16 per cent in its first trading day as a public company, after the most high-profile blank-check deal in years added billions to his fortune — at least on paper.
Trump’s windfall has now landed him for the first time on the Bloomberg Billionaires’ index, a list of the world’s 500 richest people. He sits 422nd with a net worth of $US6.53 billion. A day before, Trump Media CEO Devin Nunes, a former House Republican, said, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.”
Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler. “I think there is a possibility of, sooner or later, the stock price falling by 95 per cent,” said Jay Ritter, a professor and expert on initial public offerings of stock at the University of Florida’s Warrington College of Business.
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