Trump Gets $500 Million Boost to His Wallet With One Post
The President-elect instantly changed the fortunes of his social media stock Truth Social.
Alex Wong/Getty Images
Donald Trump made $500 million after posting that he would not sell his shares in Truth Social, CNN reported. The social media platform, which Trump launched after getting kicked off Twitter in 2021, had seen its stocks decline by up to 42% since an initial post-election surge on Wednesday. But after the president-elect announced that rumors of his sale of Truth Social were “fake” and “untrue,” even possibly “illegal,” stocks suddenly surged. “I HAVE NO INTENTION OF SELLING,” Trump declared. The post saw the value of his shares spike by around $500 million. The figures have largely followed his performances during the electoral campaign, with volatile trading making it known as a “meme stock” that is heavily influenced by social media speculation rather than investment or other factors. Truth Social remains a small operation in terms of revenue by comparison to the likes of TikTok, Instagram and Elon Musk’s X.
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