"Trump's Truth Social Makes Record-Breaking Stock Debut on Nasdaq"

Former President Donald Trump's social media start-up, Truth Social, saw its stock surge 16% on its first day of trading, making Trump's paper fortune worth over $4.6 billion. However, the company's valuation doesn't align with its business performance, as it earned $3.4 million in revenue and lost $49 million in the first nine months of 2023. Trump's 60% stake in the company is subject to a six-month lockup, preventing him from selling or using the shares as collateral. The company's most popular user, Trump, has 6.7 million followers, and it faces competition from larger social media platforms. Critics raise concerns about potential influence-seeking and financial benefits for Trump as a major shareholder in a public company.