Opinion
Why no one cares Trump’s soaring media stock is actually a dud
The more an asset price is disconnected from its fundamentals, the more potential it has to go “to the moon”.
Jemima KellyThis year is starting to have something of a 2021-ish vibe to it. Bitcoin is booming, an old American man looks likely to hand leadership of the free world to another old American man, Elon Musk is saying things like “Dogecoin to the moon”, and so-called “meme stocks” are back.
One such stock has been attracting particular attention, and it just happens to be majority-owned by one of the aforementioned old American men: Trump Media & Technology Group. Trading under the ticker “DJT”, its share price surged in value on its market debut in late March, after merging with another 2021 throwback: a special purpose “blank cheque company” known as a Spac.
Financial Times
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