One afternoon final month, Chad Nedohin, a part-time pastor and die-hard supporter of Donald J. Trump, placed on a pirate costume, arrange his microphone and recited a prayer.
Mr. Nedohin was opening his newest livestream on the right-wing video web site Rumble, the place he has about 1,400 followers who share a devotion to Trump Media & Know-how Group, the previous president’s social media firm.
“Religion comes from listening to — that’s, listening to the excellent news about Christ,” mentioned Mr. Nedohin, 40, his face framed by pretend dreadlocks beneath a pirate-style hat.
Mr. Nedohin and his viewers had been ready for the outcomes of a merger vote that will decide whether or not Mr. Trump’s firm might begin promoting inventory on Wall Road. Quickly the information about Trump Media arrived through an audio feed: It was going public.
Mr. Nedohin raised his arms in celebration. A couple of minutes later, he reduce to a video of a rocket blasting into the sky, with Mr. Trump photoshopped onto it. “We’re holding Trump shares,” he declared. “We are actually monetary traders in him.”
Mr. Nedohin is one in every of a whole bunch of hundreds of novice traders who personal shares of Trump Media, satisfied that its sole platform, Fact Social, will turn into one of many world’s hottest and worthwhile social media websites. In current months, tens of hundreds of Trump followers have tuned into Mr. Nedohin’s webcasts, the place he exhorts viewers to spend money on the corporate, arguing that “Trump at all times wins in the long term.”
The passion from Mr. Nedohin and different Trump supporters has turned Trump Media into the most recent “meme inventory,” pushed extra by web hype than enterprise fundamentals. Within the public markets, these novice traders have discovered themselves pitted in opposition to skilled quick sellers, specialist traders who guess that shares will fail, in addition to frantic day merchants searching for a fast revenue.
Because of this, Trump Media’s inventory worth has swung wildly, typically dropping as a lot as 18 p.c or rising as a lot as 28 p.c in a single day. The corporate is “a meme inventory on steroids,” one analyst just lately wrote.
The inventory’s unpredictable swings have main implications for Mr. Trump’s funds. The presumptive Republican presidential nominee owns greater than $4 billion in Trump Media shares, together with just lately awarded bonus shares — a possible lifeline as he faces steep authorized payments tied to the instances in opposition to him. The inventory’s volatility might add a whole bunch of hundreds of thousands of {dollars} to his paper wealth — or vaporize it.
A Canadian citizen, Mr. Nedohin can’t vote for Mr. Trump in November. However he owns greater than 1,000 shares in Trump Media, that are buying and selling at about $36, down roughly 50 p.c from its peak in March.
Mr. Nedohin started shopping for the shares in late 2021, after Digital World Acquisition Company, a publicly traded shell firm, introduced plans to merge with Trump Media. Digital World was buying and selling at $93 a share on the time.
As soon as the merger was closing on March 25, Trump Media started buying and selling on Wall Road, and the unique Digital World shares had been transformed into Trump Media inventory beneath the ticker DJT.
Mr. Nedohin mentioned he had held on to his shares and didn’t plan to promote. On the livestream, he interacts with viewers who use display screen names like GOATPOTUS, urging them to maintain the religion even when costs fall. “Don’t freak out,” he mentioned on a current present.
Fact Social “has the potential to simply eclipse Twitter,” the app now often known as X, Mr. Nedohin mentioned in an interview. “I’m not involved about my funding by any means.”
Mr. Nedohin doesn’t just like the time period “meme inventory” and prefers “populist retail funding.” But when he’s incorrect about his guess, the monetary impression on his viewers and Trump Media’s different traders may very well be devastating, given the dangers of those risky shares.
By conventional metrics, Trump Media is just not a profitable enterprise. The corporate reported $4 million in income final 12 months and $58 million in losses. In contrast with mainstream social websites, Fact Social has a minuscule viewers — 1.5 million individuals visited the positioning final month, in line with knowledge from Similarweb, a small fraction of the 75 million who logged on to X.
Nonetheless, loyal traders like Mr. Nedohin are one motive Trump Media’s inventory now trades at a valuation roughly equal to that of established corporations like Wendy’s and Western Union. This month, Devin Nunes, Trump Media’s chief government and a former Republican congressman, cited the keenness of retail traders as an indication of the corporate’s power.
Any suggestion that these merchants may lose cash quantities to “punching down at a whole bunch of hundreds of on a regular basis American retail traders,” Shannon Devine, a Trump Media spokeswoman, mentioned in an e-mail.
From his house in Edmonton, Alberta, Mr. Nedohin works as an engineer, calculating mechanical stress on pipes. However his ardour is ministry: Though not ordained, he mentioned, he has taken part-time gigs at native church buildings, main worship teams as a nondenominational lay pastor. He’s additionally a guitarist, with a portfolio of unique Christian songs, a few of which have performed on Canadian radio.
Earlier than Fact Social, he mentioned, he typically posted on Fb however by no means received a lot traction. He craved an alternate.
In 2021, Mr. Trump co-founded Trump Media after he was kicked off Twitter for his incendiary posts earlier than the U.S. Capitol riot on Jan. 6. A 12 months later, Fact Social went stay, managed by two former contestants on “The Apprentice.”
Mr. Nedohin had been a fan ever since Mr. Trump glided down the escalator at Trump Tower in Manhattan to announce his 2016 marketing campaign. He considers the previous president a supporter of Christian values, and believes the 2020 election was stolen from him.
Mr. Nedohin created a Fact Social account in Might 2022 and shortly discovered a group that shared his two predominant pursuits: Christianity and Digital World’s inventory.
“I’ve by no means met such an incredible group of people who find themselves so comfortable to have freedom of speech,” he mentioned.
However Fact Social was glitchy, and Mr. Trump took months to put up his first message. In 2022, the 2 “Apprentice” contestants left Trump Media after the Securities and Trade Fee opened an investigation into the Digital World merger.
That inquiry delayed Trump Media’s plans to go public, and the value of Digital World’s inventory dropped. Mr. Nedohin was involved. However within the spring of 2022, he mentioned, he acquired a message from God.
“You ask him to maneuver a mountain, and typically he arms you a shovel,” Mr. Nedohin mentioned. This time, he mentioned, “that little voice inside” instructed him to start out a podcast.
Mr. Nedohin began the Rumble present, “DWAC’d Reside!” — a reference to Digital World’s inventory image. On the present, he tried to mobilize Fact Social’s customers, urging them to ship letters to Congress protesting the S.E.C.’s investigation.
He adopted the pirate persona to drive consideration, he mentioned, calling himself “Captain DWAC” on the livestream. On Fact Social, he emerged as what passes for an influencer, with 6,600 followers.
Mr. Nedohin’s advocacy received the eye of Eric Swider, a Trump Media board member and former Digital World chief government, who appeared on “DWAC’d Reside!” final 12 months.
“Just be sure you assist get the phrase on the market,” Mr. Swider mentioned on the present, including that “we’re very, very grateful in your help.”
In July, Digital World settled with the S.E.C. for $18 million, paving the best way for the merger with Trump Media to be accepted final month. Mr. Nedohin was ecstatic.
However the drop in Trump Media’s share worth has precipitated consternation on-line, with some Fact Social customers complaining that they’ve misplaced cash. A lot of the frustration has been directed at quick sellers.
Trump Media posted directions for shareholders on its web site explaining easy methods to stop brokerage corporations from lending shares to quick sellers. Final week, Mr. Nunes wrote a letter to the Nasdaq, the place the inventory is listed, complaining about “potential market manipulation.” He adopted that up with letters on Tuesday to the Republican chairs of a number of congressional committees. Mr. Trump beforehand warned that quick sellers might “get damage very badly.”
“As a Christian, I don’t imagine in shorting,” Mr. Nedohin mentioned. “I imagine in solely constructing for the optimistic.”
He stays absolutely dedicated to Fact Social. Through the S.E.C. protest, he mentioned, he returned to X, hoping to lift consciousness concerning the marketing campaign. Now that Trump Media is a public firm, “I’ll by no means want to achieve any of the individuals which can be on there,” he mentioned.
As his livestream ended, Mr. Nedohin deleted his X account.
Audio produced by Adrienne Hurst.
