Donald Trump’s Truth Social platform is riding a wave of enthusiasm from small investors as a second day of gains took the lossmaking social media group’s valuation above $13bn.
Trump Media & Technology Group topped the leaderboard of most-discussed stocks in WallStreetBets, Reddit’s popular stock trading forum, for several hours on Wednesday. On Tuesday, its first day of trading after a merger with a shell company, it surpassed far larger groups to rank among the top 15 most-traded stocks by volume on Interactive Brokers, a platform popular with active traders.
“We’re seeing a lot of flow,” said Steve Sosnick, chief strategist at Interactive Brokers. “Our customers are typically drawn to high volume, high volatility, high profile situations, so it’s not a surprise.”