Trump Media, Reddit surge despite questionable profit prospects, taking on the 'meme stock' mantle [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
NEW YORK (AP) — Reddit and Trump Media are the first notable social media companies to begin trading publicly in the last five years. They're also, thanks to the rabid reception among investors coupled with the companies' fuzzy profit outlooks, the latest meme stocks. Meme stocks are typically shares in companies whose underlying business fails to justify a surge in their price. The action is often driven by small investors who for some reason pile into a stock, be it belief that a struggling company can turn itself around, a disdain for so-called short sellers — or fidelity to a former president. Or simply opportunism. Article content Article content Reddit's initial public offering last week was the most anticipated debut so far this year, and it didn't disappoint, rising 48% on the first day. The stock gained an additional 30% Monday. Then Trump Media stole Reddit's thunder by jumping as much as 59% on its first day of trading Tuesday, before cooling off and closing with
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