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know. From

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Wondery, I'm David Brown and this is Business

0:51

Wars Daily on this April 1st. Happy Monday

0:53

everybody. Today's story is

0:56

not an April Fool's joke. We

0:58

can assure you. A former president's

1:00

social media network has officially gone

1:02

public with a multi-billion dollar valuation.

1:05

A valuation that some say is,

1:08

well, a bit over-inflated.

1:11

The former president, Donald Trump of

1:13

course, the social media network Truth

1:15

Social. Last week for

1:17

the first time in almost 30 years, part

1:19

of Trump's business empire went public. Truth

1:22

Social's stock surged 56% at

1:24

the opening bell to 78 bucks a

1:27

share and ended the day at just under $58.

1:30

That's a more modest 16% increase on

1:32

the day, according to CNN. Despite

1:35

the slide, Wall Street is still assigning

1:37

Trump Media, that's the owner of Truth

1:39

Social, a valuation of nearly $11 billion.

1:44

CNN called that number eye-popping. See,

1:47

Truth Social has far fewer users and

1:49

less income than any social media platform

1:51

that's gone public in the past, according

1:53

to Axios. Truth Social earned

1:55

$3.4 million in revenue in the first nine

1:58

months of 2023. And

2:00

in last around forty nine million

2:02

dollars. then there are user numbers

2:04

through Social. Doesn't report it's metrics,

2:06

but estimates are that it has

2:08

roughly one million monthly active users

2:10

in the Us. Facebook, by comparison,

2:12

had eight hundred forty five million

2:14

monthly users when it went public.

2:16

In twenty twelve, Twitter Now acts

2:18

had two hundred fifteen million when

2:20

it went public a year later.

2:22

These numbers, or lack thereof have

2:24

led some analysts to write off

2:26

Truth. Social is what they call

2:28

a meme stock stock. Who's valuations

2:30

are completely divorced than their financial

2:33

reality. You may remember stocks like

2:35

Game Stop and A M C

2:37

That Sword during Covert Night, despite

2:39

not having a comparable amount of

2:41

actual value. One analysts said he

2:43

thinks Truth Socials stock is closer

2:45

to two dollars a share. a

2:47

far cry from the fifty eight

2:49

dollars a share it closed at

2:51

on it's first trading day through

2:53

Socials ip. Oh, and perhaps over

2:55

inflated valuation has overshadowed that have

2:58

another social media platform. One Who's.

3:00

Valuation seems a little more in line

3:02

with his finances. Reddit went public late

3:04

last month and was valued at six

3:07

point Four billion dollars. Reddit hold the

3:09

eight hundred four million bucks in revenue,

3:11

and Twenty Twenty Three about one hundred

3:13

sixty times that of Front Media read:

3:16

it's first attempt at an Ip. Oh,

3:18

and twenty Twenty One fizzles according to

3:20

The Verge, But now it's back with

3:23

a vengeance. or should I say a

3:25

I vengeance. Yeah. You know what

3:27

I'm talking about here. Reddit type yo gives

3:29

it more control over a vast amount of

3:32

valuable data that can be used to train

3:34

a I. So valuable is this data that

3:36

Google recently cut a deal with Reddit to

3:38

pay sixty million bucks a year for real

3:40

time access to that data. Read.

3:43

It's valuation then seems reasonable when you

3:45

think about what it's sitting on. Truth

3:47

Socials, as analysts have said, seems less

3:49

reasonable. Whether the social media apple pick

3:52

up steam and keep forging ahead or

3:54

whether it will falter remains to be

3:56

seen. Of course, In the meantime, we

3:58

know of at least one the Truth

4:01

Social user who won't be abandoning ship.

4:03

You know who I'm talking about and

4:05

in his ass, his business, and his

4:07

presidential run, we can expect him to

4:10

just keep on investing. From

4:14

wondering this is business more state I'm

4:16

your Host David Round Written and produced

4:18

by Jessica Lost Our executive producers are

4:20

to the movie or. A

4:37

Prime Members You can listen a

4:39

Business Wars Daily ad free on

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app today or you can listen

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ad free with Wonder He plus

4:47

an Apple Podcasts. Before you go,

4:49

tell us about yourself by completing

4:51

a short survey at Wonder he.com/survey.

4:54

If you travel for was you know the path. To

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since business and Swinton.

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You know, with your bounces. Family business. Annex

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Side: Find that plane ticket forbidden

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says. That you consider.

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Medallion status. You know that a meeting

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a month on earnings visiting almost every

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business American.