TruthSocial, the social media platform launched by former President Donald Trump, went public last week, sending waves through the stock market as its value soared, poising Trump to reap a potential $5 billion windfall. What the anti-Trump establishment has missed, however, is that the stock is more than just an investment for supporters of the former President — pumping its value is also a political statement.
“It’s mainly to support Trump and his legal battles. Or making a statement,” said Teri Lynn Roberson in a recent interview. Roberson, a Trump supporter from Dallas, Texas, explained: “It’s more just to show that people are supporting him.” As the 2024 presidential election kicks into full swing, former President Trump could cash in a portion of his shares for hundreds of millions of dollars to fuel his campaign war chest.
The potential for Trump to harness TruthSocial as a source of campaign dollars is something the Washington, D.C. political elite hadn’t previously considered. “Almost no one saw it coming,” declared The Wall Street Journal. Corporate media talking heads derided the company and its investors when TruthSocial went public last Tuesday. Jessica Tarlov, a Democrat strategist, sarcastically declared during an appearance on Fox News’s The Five, “Donald Trump gets really lucky.”
Former New York Assistant Attorney General Adam Pollock told CNN that the value of TruthSocial “is essentially worthless.” The Late Show host Stephen Colbert dedicated his opening monologue to Trump’s massive windfall. “Why do good things ever happen to Donald Trump,” Colbert pondered before concluding: “He made over $4 billion misspelling things on the toilet!”
However, the political value of TruthSocial hasn’t been lost on everyone. Matt Simpson, managing partner at Wealthspring Capital, told The Wall Street Journal that “[Trump’s] the ultimate winner, at least on paper.”