Truth Social Stock Price Surges on First Day of Trading, Increasing Trump’s Fortune
Business,Donald Trump,Stock Market,Wall Street,Banking And Finance,Billionaires,Social Media,Truth Social
Shares of Donald Trump’s social-media company surged about 30% on their first day of trading, boosting the presidential candidate’s fortune. The question is, how soon can he tap his roughly $5 billion stake in Truth Social?
That is up to the board of Truth Social’s parent company. The group includes his son, three former members of his administration and the former congressman who took a leading role in defending the former president in his first impeachment trial.
Truth Social’s parent company began trading Tuesday under the ticker DJT, Trump’s initials. Its shares soared after the opening bell and maintained the gains in midday trading, giving it a market value of roughly $9 billion. The gobsmacking stock price makes Trump’s approximately 60% stake worth more than $5 billion. Those values will continue swinging with the stock price.
Trading was so intense that Nasdaq temporarily halted trading following the opening bell.
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