I don’t claim expertise here, nor have I been trying to read up on it, but I would be far less generous to Truth Social.
Part of the value is the userbase. That value probably grows more-than-linearly with the userbase size, given network effect; that’d favor larger networks.
As of February 2024, Reddit has an estimated 1.2 billion monthly unique visitors.
Part of the value is the software. Reddit’s codebase was written by and is owned by them. Truth Social is modified Mastodon, developed in a much shorter period of time.
You could maybe say that there’s some value to lasting appeal. Reddit – whatever current issues with monetization – has proven itself over quite a period of time. Truth Social is very new. It’s not at all clear how much of the appeal is Trump being on there, whether he will continue to be, or how much his appeal will be.
EDIT: Oh, maybe you meant the individual share price, rather than the market capitalization of the company as a whole. If I misunderstood you, disregard. I don’t know what the situation is there (and I understand that there’s some dilution issue and other things going on, so I’m not sure that I can just look at the outstanding shares count).