Strong short interest in Trump's public media company Truth Social suggests a gloomy view of its future.
Trump Media & Technology Group started trading on the Nasdaq Tuesday and shot up more than 40%. Since the company loses money and has other issues, short sellers are interested. Also, since it is trading like a meme stock that is unhinged from economic fundamentals, it could trade even higher and that would create big losses for short sellers.
Shares of Trump Media & Technology Group surged at the open on Tuesday. Donald Trump is set to benefit from the rise in value of the company that houses his Truth Social platform as it starts trading on the public market.