Trump’s social media company has tripled in value in five weeks
CNN
Trump Media & Technology Group is losing money, generating very little revenue and its main product Truth Social remains a relatively small player in social media.
Trump Media & Technology Group is losing money, generating very little revenue and its main product Truth Social remains a relatively small player in social media. And yet Wall Street is valuing former President Donald Trump’s social media company at nearly $8 billion, a price tag that has tripled in the span of just five weeks. Since plunging to record lows on September 23, Trump Media’s share price has skyrocketed. Market veterans say this monster comeback is being almost entirely driven by bets that Trump will win the White House. Trump Media is not a normal stock. It’s basically a meme stock, meaning that it trades not on fundamentals but on hype and momentum linked to the Republican nominee’s political fortunes. The stock is essentially a proxy for how traders think the election will turn out. “I’ve never seen anything quite like this. This company’s value is almost entirely based on the outcome of an election,” Gene Munster, managing partner and co-founder of venture capital firm Deepwater Asset Management, told CNN in a phone interview. Munster said there is “nothing” about Trump Media’s fundamentals that can justify its nearly $8 billion market value.
Sex workers in Belgium are now entitled to formal employment contracts, which include sick pay and maternity leave, under a landmark law that went into effect Sunday.
Intel Monday announced CEO Pat Gelsinger has resigned after a difficult three-year stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals.
Stoli Group USA, the owner of the namesake vodka, has filed for bankruptcy as it struggled to contend with slowing demand for spirits slows, a major cyberattack that has snarled its operations and several years of fighting Russia in court.
During his second term, President-elect Donald Trump may try to fulfill the longstanding Republican goal of privatizing Fannie Mae and Freddie Mac, the mortgage giants at the center of buying a home in America.
While there’s a lot we don’t know about President-elect Donald Trump’s tariff plans, at least one thing is pretty certain: Tariffs will go up. If history is any indication, that means price increases will likely follow.
A major Australian restaurant group known for its pubs has backtracked on plans to ban celebrations during the country’s national day following public criticism and calls for a boycott, in yet another sign of how controversial the anniversary has become.
Stellantis, the maker of Jeep, Fiat and Peugeot, announced on Sunday that CEO Carlos Tavares has resigned.
Instead of lounging on the couch after Thanksgiving, Americans headed to movie theaters, as the premiere of Disney’s “Moana 2” and the draw of “Wicked” and “Gladiator II” provided a big boost to the domestic box office.
Tens of thousands of Volkswagen workers will participate Monday in strikes at plants across Germany, labor union IG Metall said, marking the largest walkouts at the carmaker’s domestic operations since 2018.
Despite retailers offering holiday discounts earlier than usual this year, US consumers did more shopping on Black Friday than the days leading up to it.
President-elect Donald Trump’s promise to impose stiff tariffs against America’s three biggest trading partners is widely expected to push prices higher, which would set the stage for the Federal Reserve to stop cutting interest rates and possibly raise them instead.