Stock in Donald Trump’s Truth Social platform has soared, valuing the company at around $6 billion as supporters rally behind the firm, expected to go public in the coming days.
Trump launched Truth Social as an alternative to Twitter — now X — after the platform banned him during his final days as President in a coordinated action with other Big Tech platforms such as Facebook and Instagram.
Now, with Democrat judges including Arthur Engoron and Lewis Kaplan hammering Tump with hundreds of millions of dollars in payouts and penalties as part of an ongoing lawfare campaign, the former president may be in line for a $3.5 billion cut when Truth goes public, as early as next week.
“There seems to be an unwritten agreement between tens of thousands of traders that the more political momentum Trump has, the more the stock should trade higher,” commented fund manager Julian Klymochko.
Trump continues to lead Joe Biden in America’s key “swing states” ahead of the November elections.