If you were watching the NASDAQ last Tuesday, you would have seen the debut of a new stock, trading under the ticker, DJT.

That's the Q2 listing for Trump Media and Technology Group,

the parent company of former President Trump's platform, Truth Social.

And it led to just a huge, huge flurry of trading at first.

Like, we are talking like hundreds times the valuation.

My colleague Nittish Paawa has been covering Truth Social for Slate.

You had all these Trump fans on Truth Social itself

in these dedicated groups for the new stock,

talking about going to the moon holding on to it basically talking like your typical

Bitcoin guys and for a moment the stock did seem headed for the stars. It opened at 5104 and at one point on that first

trading day shot up to more than $79. The company behind former President Donald Trump's social media app, Truth Social,

has gone public and it is off to a strong start.

The stock price soared, reportedly powered by supporters looking to invest in the former president's business.

At the stock market open this morning, those shares would be worth nearly $6 billion.

And then all of a sudden, after reaching a very high valuation, there was a huge fall after which it ended up stabilizing at about $66 per share.

Despite that fall and a series of subsequent losses

over the past week. The IPO has inflated

former President Trump's net worth by billions of dollars, at least on paper.

But now that the dust is settling on those first trades, things are not looking so

rosy. On Tuesday, securities and exchange commission filings from 2023 went public and showed Trump media is not doing well.

And ever since then it's kind of wobbled and only fallen further now that we've gotten more insight into how True Social's

business actually looks which is not great in a word.

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