DodoFinance Breaking News Made For You!
Former President Donald Trump’s social media platform, Truth Social, is making headlines once again as it prepares to go public next week. The platform, which will trade under the ticker symbol DJT, has Trump’s stake valued at over $3 billion, giving him approximately 60% ownership of the company.
There has been speculation that Trump may cash out his shares or borrow against them to alleviate his financial strains, including legal fees and other expenses. However, he is currently prohibited from doing so for six months. Trump may seek a waiver from the company’s board to expedite this process.
If Trump were to cash out his shares, it could have a significant impact on the stock price. Other investors might follow suit, causing the stock to tumble. Truth Social is not known for high usage or revenue and has faced financial losses in the past.
Despite these challenges, retail-trading supporters of Trump have been eagerly purchasing DWAC shares, treating it more like a meme stock. DWAC shares have seen a 120% increase year-to-date, closing at around $38 on Friday. If the stock were to reach $40, Trump’s majority ownership would be worth over $5 billion.
With all the attention on Truth Social and its potential public offering, only time will tell how the platform will fare in the stock market. Stay tuned for more updates on this story.
