Valuation slides at Donald Trump’s Truth Social network

The company that operates Truth Social reached a valuation of $15bn (€15bn) in October 2021. It is now valued at just over $2bn.

Truth Social was co-founded by Donald Trump after he was banned from Twitter Photo: AP / Mary Altaffer

Trump Media & Technology Group (TMTG), which operates the Truth Social app co-founded by the former US president Donald Trump after he was banned from Twitter, reached a valuation of as much as $15bn (€15bn) in October 2021.

The company’s investors scrambled to buy shares in Digital World Acquisition Corp, the special purpose acquisition company (Spac) that signed a deal in October to take TMTG public. Digital World's shares rallied as much as 1,650% that month, making it the most valuable Spac of all time.