Donald Trump’s social network is creating a stock bubble with barely five million users

Truth Social is unlikely to have much of an impact on the US elections next fall. With barely five million users, only the most fervent of Donald Trump’s followers have followed him on this new “truth” social network that looks a lot like Twitter. However, despite the low number of members and the loss of a million dollars in its first year of operation, Truth Social was already a financial hit for Trump.

Trump Media and Technology Group, the social network’s parent company, began trading on the stock market this Tuesday, and investors greeted it with unusual optimism. At the moment, its shares are selling for $70. Donald Trump owns 79 million shares, so the move made him about $5.5 billion (around €5 billion) in one day. This would give him a net worth of around $7.5 billion, making him one of the richest people on the planet. Bloomberg index.

Source: El Diario

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