Over the past few years, Donald Trump’s social media platform, Truth Social, has been dismissed as a money-losing boondoggle.

This week, that all changed. Matthew Goldstein, a New York Times business reporter, explains how its parent venture, Truth Media, became a publicly traded company worth billions of dollars.

Guest: Matthew Goldstein, a New York Times business reporter.

Background reading:

• What to know about Trump Media’s high-flying stock debut.
• Ethics experts say the publicly traded company could present a new way for foreign actors or others to influence Mr. Trump, if he is elected president.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.