The massive run up in shares of DJT, the stock symbol for Donald J. Trump’s social media company Truth Social, has been described by me and others as a meme-induced phenomenon.
The stock is buoyed by what some might say is an irrational degree of exuberance that Trump will win the presidential election – which in turn would, somehow, be great for the bottom line of a money-losing platform that will face stiff competition and a difficult business environment whether or not Trump takes the White House.
But On The Money has learned that there might be a better reason why some traders are buying – and maybe holding – the stock even if Trump loses on Tuesday.
People inside the Trump camp have been speculating for weeks now that Truth Social will at some point, maybe sooner rather than later, get subsumed by the mega-MAGA supporting Elon Musk, and his own social media platform X, formerly known as Twitter.
Full disclosure: I have not confirmed that speculation with anyone in a position to make the deal happen – neither Musk nor Trump himself – both of whom are a little busy these days trying to get The Donald re-elected as leader of the free world.
A lawyer for Musk and a Truth Social flack didn’t comment.