A man looks at a screen that displays trading information about shares of Truth Social and Trump Media & Technology Group in New York - Shares of Trump Media & Technology Group rose 11% in premarket trading on Wednesday, a day after their stellar debut.
The rise underscores the popularity of Donald Trump driving investor interest, but the platform Truth Social would need to show strong user growth to sustain the trajectory, analysts said. The stock climbed to a record high of $79.38 before ending near the lower end of the price swing that day, valuing the firm at nearly $8 billion. It currently trades at $64.37 a piece.
In comparison, X had 238 million daily active users as of June 2022, as per the latest available official data, while Facebook and Reddit had 2.1 billion and 73 million, respectively.