FT News Briefing Trump’s Truth Social hits the Nasdaq
6 snips
Mar 27, 2024 Donald Trump's social media venture made a splash in the market, significantly boosting his fortunes. Meanwhile, Visa and Mastercard announced a major settlement, aiming to ease merchant fees. The complexities of UBS's acquisition of Credit Suisse were also dissected, especially regarding wealth management strategies. Additionally, Germany's strict laws on Sunday work were highlighted, illustrating the clash between modern technology and traditional norms.
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Truth Social's Rocky Debut
- Trump's social media company, Truth Social, went public with an initial surge, ending 16% higher.
- Despite the initial stock success, the company behind Truth Social isn't performing well financially.
Trump's Paper Fortune
- Trump's stake in the company is worth billions, but it's a paper gain.
- It's unclear whether he can access this money, raising questions about liquidity.
Trump's Influence on Investors
- Investor excitement for Truth Social stems from Trump's unique political presence and loyal supporters.
- Speculators may also be contributing to the hype, betting on the fervent fanbase.