Better Trump-Connected Meme Stock: Newsmax vs. Trump Media
Newsmax (NYSE: NMAX) and Trump Media Technology Group (NASDAQ: DJT) are both closely associated with President Donald Trump. Newsmax, which bills itself as a conservative alternative to mainstream media networks like Fox News, is popular among Trump supporters. Trump Media, which was co-founded by Trump, owns the social network Truth Social and the streaming media platform Truth+. It aims to be an alternative to larger social media platforms.
Both stocks, through their association with Trump, became meme stocks shortly after their public debuts, trading on emotion. Newsmax went public via a traditional initial public offering (IPO) on March 31, and it soared from its debut price of $10 to a record closing price of $233 the following day. Trump Media went public by merging with a special purpose acquisition company (SPAC) on March 26, 2024. It started trading at $70.90 -- which marked a 42% gain from its premerger closing price.
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Source Fool.com
