Donald Trump Jumps Into the Meme-Stock Business

By Erin Clerici - 28 Mar 2024 1313 0 comment
Donald Trump Jumps Into the Meme-Stock Business

We added yet another meme stock to our list this week: Trump Media & Technology Group (DJT:NASDAQ), the owner of Donald Trump's Twitter-copy Truth Social. The media company went public on the Nasdaq on Monday following its aqcuisition by shell-company Digital World Acquisition Corp. The former president wasted no time updating the ticker to DJT aka his initials. Shocking. No matter your feelings about the former president, though, or your political affiliation, it's hard to argue that it's a smart business move for him. His stake in the company is now worth more than $4.5 billion.The stock initially surged about 56% to $78 per share before ending its first trading day 16% higher for a total valuation of more than $8 billion.

So what makes it a meme stock? The company's outrageous valuation is based solely on emotion, not fundamentals. Trump supporters will no doubt keep the stock up, at least for the time being, despite the company's dismal $3.4 million in revenue. Same could be said for our other recent addition: Reddit Inc. (RDDT:NYSE).

Regardless, it can be fun to be part of the mania... just ask GameStop investors. Join the ride with one share of DJT along with our cool certificate.

Already a shareholder? Buy a personalized replica stock certificate to celebrate your ownership or give as a gag-gift.

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