Truth Social is a mind-bending win for Donald Trump

Since shares in Donald Trump’s media firm began trading publicly on March 26th, their value has slid by more than half, prompting headlines, and some crowing from the left, about the decline. Which still seems less newsworthy than that anyone is buying at all: even at roughly $26 per share, investors are prizing Mr Trump’s social-media platform, Truth Social, at a heroic value relative to its performance or apparent potential.

One must write “roughly” $26 per share because even the Wall Street Journal has struggled to ascertain just how many shares are outstanding. Other possible red flags for investors include the company’s independent auditor reported on March 25th that its “operating losses raise substantial doubt about its ability to continue as a going concern”. After forecasting sales of $144m for 2023, Truth Social delivered just $4.1m, and a loss of $58.2m.