May 21, 2024 2:36 pm
Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

Trump Media & Technology Group’s stock surged on its first day of trading after merging with Digital World Acquisition Corp. The newly combined company is now trading under the stock ticker “DJT,” which represents former President Donald J. Trump’s initials. The merger process began in October 2021, but was delayed due to regulatory investigations by the Securities and Exchange Commission (SEC). Finally, DWAC shareholders approved the merger on Friday, leading to a surge in DWAC’s stock on Monday.

Trump Media stock experienced a significant increase as it debuted under the new “DJT” ticker symbol on Tuesday morning. Shares rose as much as 59% to $79.38 in the first half-hour of trading, before settling at $69.10 by 11:20 a.m. ET on Tuesday. The value of the company is expected to increase significantly after its first day of trading on the Nasdaq, with former President Donald Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement.

The decision to go public may be aimed at improving Trump’s financial situation as he faces mounting legal fees and penalties. These costs may escalate as he continues to navigate other legal challenges, but for now, investors are excited about the potential for growth in this new venture.

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