Trump's Truth Social Soars After Public Offering
Shares Rise Despite Premarket Losses
Former President Trump's Media Company Goes Public
Shares of Truth Social owner Trump Media Technology Group (TMTG) surged on Friday after the company's long-awaited public offering. The stock closed at $24.16 per share, above the offering price of $22.50. The offering is expected to raise over $200 million for TMTG.
TMTG's public offering comes amid growing interest in social media platforms created by conservative figures. Truth Social has positioned itself as an alternative to Twitter, which banned Trump in January 2021. The platform has attracted millions of users, including many prominent conservative politicians and commentators.
The offering is a major milestone for Trump and his supporters. It gives TMTG the resources to expand Truth Social and compete with larger social media companies. It also provides a windfall for Trump, who is the largest shareholder in TMTG. According to Forbes, Trump's stake in the company is now worth over $12 billion.
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