The numbers are in, and they are absolutely unhinged.
Trump Media & Technology Group—the corporate parent of Truth Social, the social network your uncle treats like a sacred scroll—closed the week with a valuation that briefly lapped Elon Musk's X.
A platform where the trending page is 60% gold-coin ads and 40% people typing in all caps about the deep state is now worth more on paper than the app formerly known as Twitter.
On paper is doing some Olympic-level heavy lifting there.
Truth Social's daily active users wouldn't fill a mid-sized college football stadium, while X still gets more eyeballs than basically any news site on Earth.
But the market doesn't care about your aunt's posting habits.
TMTG trades under the ticker DJT, and it behaves less like a media company and more like a loyalty card with a stock chart.
Revenue is roughly what a single successful Chipotle franchise pulls in.
The market cap says "next Disney." Somewhere, a value investor just walked into the ocean.
Here's the part that makes financial journalists reach for the bourbon.
The company's own filings basically admit the fundamentals are thin, and the stock still does whatever it wants.
It spikes when the man posts, dips when he frowns, and generally moves like a meme coin wearing a suit.
Wall Street analysts have mostly thrown up their hands and gone back to covering companies that sell actual products to actual customers.
The bull case appears to be "he has a lot of fans," which, to be fair, is a strategy that worked for at least one other guy.
Meanwhile, Truth Social keeps trying to be a real platform.
It has a "verified" tier that costs money.
It occasionally hosts news that the rest of the internet has already fact-checked into oblivion.
The user base is loyal, loud, and deeply committed to the bit.
It's less a social network and more a members-only club where the cover charge is your entire personality.
No judgment—X has plenty of those too, they just call them "reply guys." The wildest part is what happens next.
TMTG's share lockups are expiring, which means insiders can finally cash out.
If large holders start selling, the stock could do its best impression of a dropped anvil.
Or it could keep climbing on pure vibes, because vibes are apparently a recognized asset class in 2025.
Either way, it's the most entertaining ticker on the board, and I say that as someone who once lost money on a company that sold artisanal ice.
Truth Social isn't really competing with X on users, revenue, or relevance.
And in a market where belief can be priced higher than earnings, that's somehow enough to win the week.
Final Thoughts
Just don't confuse the scoreboard with the actual game—or your 401(k) with a protest sign.