Trump Media & Technology Group's Nasdaq debut sparks surge in shares
Trump Media & Technology Group's stock surges 36.3 percent after merging with Digital World Acquisition, reaching $68.09 on Nasdaq
Shares of Trump Media & Technology Group surged on Tuesday as the company made its debut on the Nasdaq, marking a significant development amidst the former president's ongoing legal battles.
Following the completion of its merger with Digital World Acquisition, Trump Media saw its stock soar by 36.3 percent to reach $68.09 near 15:45 GMT. Trading under the "DJT" ticker, derived from the initials of the former president and current presidential candidate, the stock experienced a nearly 60 percent increase at its peak earlier in the day, prompting a temporary halt due to volatility.
In a notable display of enthusiasm, Trump himself took to Truth Social, the social media platform he launched after being ousted from mainstream platforms in the aftermath of the January 6 attack on the US Capitol, to express his satisfaction: "I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!"
Trump's personal stake in Truth Social is substantial, with nearly 80 million shares valued at over $5 billion based on current pricing.
The timing of Trump Media's listing coincides with the former president facing financial pressures, particularly highlighted by a significant bond payment obligation following a New York court ruling. The court found Trump, his sons, and their family business guilty of long-standing asset valuation misrepresentations.
Source: AFP