Trump’s Truth Social hits the Nasdaq
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 March 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Shares in Donald Trump’s social media business soared following its New York market debut, and Visa and Mastercard have agreed to cut their US transaction fees. Plus, UBS needs to boost its wealth business to make its Credit Suisse acquisition a success.
Mentioned in this podcast:
Donald Trump has $4.6bn stake in social media group after market debut
Visa and Mastercard agree $30bn settlement over US transaction fees
Can UBS become Europe’s Morgan Stanley?
In German groceries, even computers have to obey century-old ban on Sunday work
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Zach St. Louis, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. UK. Good morning from the Financial Times. Today is Wednesday, March 27th, and this is |
| 0:18.1 | your FT news briefing. Trump's social media company went public and some credit cards are cutting transaction |
| 0:26.2 | fees in the US. Plus, UBS has some big goals after buying Credit Swiss. I'm Sonia Hudson and here's the news you need to start |
| 0:35.8 | your day. former US President Donald Trump's social media business hit the public market yesterday, |
| 0:55.5 | and the stock had a roller coaster of a first day. |
| 0:59.0 | The share price initially shot up more than 50% but finished the day 16% higher. The thing is the |
| 1:07.4 | company behind Truth Social isn't actually doing very well. Here to explain what's going on is the FT's |
| 1:14.6 | or Tensea Alii. Hi Artense. Hi, so before we dive into this market debut |
| 1:21.7 | from Truth Social, can you just tell me a little bit about the |
| 1:24.5 | company behind it and its financials? Sure, the company is called Trump Media and |
| 1:30.5 | Technology Group. It's a business set up by Donald Trump after he lost the 2020 election. |
| 1:40.1 | And its main line of business is currently true social, and it has just made its public markets debut after completing a merger with a special purpose acquisition company. |
| 1:52.0 | In terms of financials, it's a company that's never |
| 1:55.3 | turned a profit, though that's not unusual for businesses that go public in this |
| 1:59.4 | way, and it's sustained I think about 40 million dollars in the first nine months of last year. |
| 2:07.0 | All right, so why did the company decide to list then when its financials were looking so bad? |
| 2:14.0 | I mean this has been the dominant feature of the SPAC market. |
| 2:19.8 | It boomed in 2021 and largely the companies that were going public through these vehicles |
| 2:25.9 | were very early stage and what investors were betting on was the future potential of that company. |
| 2:35.0 | Obviously, TMTG, Trump's company, stands out because it is founded by the former president of the United States and it runs a social media |
... |
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