Trump’s Social-Media Company Stock Surges on First Day of Trading
Business,Donald Trump,Stock Market,Wall Street,Banking And Finance,Billionaires,Social Media,Truth Social
Stock in Donald Trump’s social-media company surged in its Nasdaq debut on Tuesday, sending the former president’s on-paper net worth soaring.
The Trump Media & Technology Group, the owner of Truth Social, began trading under the stock ticker “DJT” Tuesday morning and increased by more than 30 percent by midday, up to nearly $70 per share. The company completed its $300 million merger with Digital World Acquisition Corp on Monday and TMTG replaced Digital World on the Nasdaq exchange.
Digital World is a SPAC corporation, a publicly traded shell company designed to be acquired by another firm. Shares of Digital World spiked on Monday ahead of the debut of TMTG. Truth Social is valued at roughly $5 billion despite suffering financial losses and having only 5 million active users, according to CBS News. The vast majority of the company’s investors are retail investors and the valuation for TMTG does not appear to be based on its financials.
