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Truth Social Is Now Worth More Than The New York Times

via Forbes Breaking News

Donald Trump’s media company, which owns the Truth Social platform, had a striking debut on the NASDAQ, closing its first day of trading with an $8 billion valuation that exceeded established media organizations like The New York Times.

While the share price peaked even higher initially amid frenzied trading, the valuation is still impressive despite the company generating just $3 million in revenue over nine months.

“This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said University of Florida’s Warrington College of Business finance professor Jay Ritter.

“I’m reasonably confident the stock price will eventually drop to $2 a share and could even go below that if the company blows through the money it got from the merger,” he added.

Some argue the sky-high value is more about investing in Trump’s brand and political prospects than financials.

Truth Social launched as an alternative to platforms that banned Trump, and while it has become notable among conservatives, analysts say it will need to significantly increase quarterly revenues to sustain its current market cap.

Trump’s personal stake in the company surged in value by $6 billion as a result of the trading.

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