Donald Trump has joined the meme-stock frenzy, attracting a spirited corner of the internet where MAGA die-hards discuss politics, God, and the stock market. On platforms like Reddit and Rumble, they express their support for Trump and his social media company, Truth Social, which is expected to go public soon. They eagerly analyze its filings with the Securities and Exchange Commission and even share Bible verses to emphasize their faith in the company. The path to the public markets for Truth Social has been challenging, but a merger with Digital World Acquisition Corp (DWAC) is on the horizon, providing a much-needed cash infusion. Despite financial losses, the new entity is expected to have a market capitalization of $6.3bn, a figure that defies economic logic. With 8.9m sign-ups for Truth Social, the company’s future remains uncertain.
Source: www.economist.com
Date: 2024-03-20 12:55:31