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Why is it valued so high to investors if the company makes almost no revenue? 9 billion ? What the fuck?
Money laundering
Let's say you're an organization (or foreign actor) who wants to get as many no-strings-attached dollars into Trump's hands as possible. You can't do that through campaign donations because those are watched way too closely. You can't just cut him a check, because that looks suspicious too. What you can do however is buy stock in the company he mostly owns, and inflate the stock price as much as you want.
Which explains why it was standard procedure for presidents to put their money in a blind trust. And why Trump didn't.
That is one hell of a theory. Not sure how you would even stop it.
You can stop it by enforcing the Emoulents Clause, and forcing Presidents to disclose all of their finances, and prove they are not taking money from any Foreign government. But Conservatives are very selective about which parts of the Constitution are worth upholding.
I really really hope a journalist somewhere is investigating the individuals and shell companies that purchase Truth Social stock, because I would bet that this is happening.
Russia in particular would find it useful because even if it's done with plausible deniability, it's another secret that, upon being revealed, would cause major problems for Trump. That is enough to function as leverage.