Truth Social, a Twitter clone of former President Donald Trump, has a fraction of the user base of rivals like Reddit and X. The company has never been profitable and just happens to be where Trump currently posts.
But today, when Truth Social becomes a publicly traded company on the Nasdaq stock exchange, a different story emerges: Truth Social has become a certified meme stock. Trump supporters appear to be conflating support for the former president with the stock itself and are buying in bulk.
The stock quickly rose by more than 40% after its listing, with the trading code being Trump’s initials DJT. The company is currently valued at more than $6.8 billion. However, this value can change quickly; the stock was volatile and was temporarily suspended from trading shortly after listing. The company’s financial performance has been poor. The company had revenue of $3.3 million and a loss of $49 million in the first three quarters of 2023, according to regulatory filings.
Still, Trump fans posted on Reddit, X and Truth Social about how they planned to hold the stock in defiance of traditional investment logic. Previous meme stocks like Gamestop and crypto culture have helped provide the playbook, but the rhetorical formula is simple: short sellers will perish, this stock will go to the moon, and no matter what, don’t sell.
“Let’s go baby! Trump moon landing 2024,” one user posted on Reddit, followed by a rocket ship emoji.
In another Reddit post, shareholders discussed what price they would sell their company stock at. “At least wait for the election victory,” one user posted with the hashtag “Diamond DWAC,” referring to “diamond hands,” people who want to hold onto stocks despite volatility.
“Maybe $150…but may have to wait for TMTG+ streaming and story videos to come out,” another person replied. “Or when our founder (again) becomes the leader of the free world and the most reported and most watched figure in the world, him and his platform. So maybe never‼️”
Reddit user Deepfuckingbagholder speculated that the company could eventually be worth $1 trillion. When another user replied that the valuation was near-impossible, deepfuckingbagholder replied: “This stock represents the value of the Trump brand and I personally believe it can achieve this valuation.”
The Truth Society is a predictable, breeding ground for conspiracy theories. Electronic denialism, vaccine skepticism, and the Great Replacement Theory are all prominent features of the site. Trump banned Twitter after the Jan. 6 Capitol riots, and the company has been mired in controversy since its inception. A former senior employee filed a whistleblower complaint with the SEC, and other former employees have sued the company, alleging breach of contract. Shareholders voted last week to take the company public, merging Trump Media and Technology Group with publicly traded holding company Digital World Acquisition Corp.
Truth Society’s huge valuation has made Trump incredibly wealthy. His net worth increased by $4 billion to $6.5 billion, making him one of the world’s 500 richest people, according to calculations by Bloomberg. Trump is restricted from selling stock in the company for about six months, so if Truth Social’s price falls, his net worth could still fall.
On Truth Social, one user said a prayer.
“Blessings to all patriots investing in #DJT,” GothamGal wrote. “Bless this investment and allow us to succeed so we can do your will and bring you glory. Bless and protect our DJT President and our country. In the name of Jesus.”