Truth Social’s stock price is soaring. It’s not just Trump supporters buying in.

More than two years after announcing the merger that would take it public, Trump Media – the parent company to Donald Trump’s social media platform Truth Social – hit the stock market Tuesday under the ticker DJT.

Investors went wild.

The stock was bolstered by Trump supporters and mom-and-pop investors looking to make a quick buck on the stock’s soaring price. At one point during its first day, the price of Trump Media gained nearly 60%, and it see-sawed enough to make the Nasdaq stock exchange temporarily pause trading.

Meme stocks also gained traction as a way to go against the hedge funds that had been shorting, or betting against, companies like GameStop. Other investors were simply in it to make money. But no matter the incentives for buying in, experts have warned about risks associated with these volatile bets.

Now, much like these “meme” stocks, experts say they expect a tumultuous journey for Trump Media.

“If you’re an investor looking for stable returns, I would not touch this with a 10-foot pole,” said Derek Horstmeyer, a finance professor at George Mason University in Virginia who specializes in corporate finance.

This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app.

In it for the money

Mitchell Standley bought his first shares in Digital World Acquisition – the public shell company that merged with Trump Media to take it public – back in early 2022.

Standley, 39, of Chandler, Arizona, had been active in the Wall Street Bets subreddit for a few months and saw an opportunity to make a profit off of the stock given the former president’s fanbase.

“I’d seen how relentless his followers are, and I thought I would take a shot. And I ended up making a ton of money,” he said.

Mitchell Standley bought his first shares in Digital World Acquisition – the public shell company that merged with Trump Media to take it public – back in early 2022.

He timed his bet right; a $750 investment made him about $4,500 by the time he pulled out just four hours later.

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