Headline RoundupMarch 26th, 2024

Trump’s Truth Social Rises 40% in First Day of Stock Trading

Summary from the AllSides News Team

Shares of former President Donald Trump’s social media company rose over 40% in its first day of trading on Tuesday. 

The Details: Trump Media and Technology Group, the company behind Truth Social, was estimated to be worth about $9 billion by Tuesday afternoon, making the former president’s 58% share worth about $5 billion. Individual shares rose from $49.95 to as high as $79.38 but began dropping in the late afternoon. The company was listed on the Nasdaq stock exchange as “DJT” — not to be confused with the Dow Jones Transportation Average, also noted as DJT — after a Monday merger with Digital World Acquisition Corp.

For Context: Trump is facing a $175 million bond and a potential total $454 million judgement in the New York civil fraud case against him. Truth Social stock might help the former president cover that payment, but according to The Wall Street Journal (Center bias), large owners like Trump typically need board approval to sell shares so soon after a public offering.

How the Media Covered It: Coverage was widespread on Tuesday, often using words like “soared” and “surged” to describe DJT’s Tuesday morning price spike.

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