Truth Social Is Now Worth More Than The New York Times
In a striking debut on NASDAQ, Donald Trump’s media enterprise, the proprietor of Truth Social, closed its first trading day with a valuation soaring to $8 billion. The remarkable market capitalization eclipsed long-established media giants such as The New York Times.
Initially peaking at $10 billion amidst frenetic trading, the company’s valuation has settled at a still-impressive figure, despite generating only $3 million in revenue for the first nine months of the previous year. The New York Times is only valued at around $7 billion according to the Daily Mail.
The financial phenomenon places Trump’s media firm’s share price at an astonishing 2,000x its revenue, drawing attention from investors as well as critics of the former president. Some have argued the company’s skyrocketing value is less about its financial fundamentals and more about investment in Trump’s brand and potential political future.