Donald Trump's Truth Social stock soared Friday morning following his debate with President Joe Biden.The stock, TMTG, is owned by Trump Media & Technology Group and controls the former president's conservative social media platform, Truth Social. After what was perceived by many watchers as a Trump victory over Biden, TMTG shares soared 13 percent in premarket trading Friday. That brought the stock to more than $41 a share, even after TMTG had dropped 6.4 percent on Thursday.
'While TMTG might be worth more than $6 billion overall, the company has reported minimal revenue and significant losses recently.While this year's first quarter brought in $770,500 in revenue, the company lost $327.6 million. This was largely attributed to TMTG's merger with Digital World Acquisition Corp. The stock's success in spite of this is largely attributed to Trump's name and reputation.
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