Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

The newly formed Trump Media & Technology Group stock experienced a significant surge on its first day of trading following its merger with Digital World Acquisition Corp. (DWAC) on Tuesday morning. This was after DWAC shareholders approved the merger on Friday, leading to an increase in DWAC’s stock price on Monday.

The newly merged company is now trading under the stock ticker “DJT,” which represents former President Donald J. Trump’s initials. On Tuesday, shares of Trump Media 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, representing a 38% increase in value.

Former President Donald Trump holds approximately 80 million shares in the company, valued between $3 billion and $4 billion at the time of the merger announcement. The value is expected to increase significantly after the first day of trading on the Nasdaq, which could also help improve Trump’s financial situation as he faces mounting legal fees and penalties.

Trump Media initially revealed plans to merge with blank check company DWAC in October 2021, but regulatory investigations into whether DWAC misled investors on talks with Trump Media delayed the process. The company has not made any changes to the merger terms, including a six-month lock-up period that prevents shares held by the former president and major stakeholders from being sold for at least six months after the IPO date.

Some have speculated that Trump Media’s decision to go public is aimed at improving Trump’s financial situation as he faces mounting legal fees and penalties, but others argue that it is simply a way for him to raise funds for future political endeavors or personal ventures beyond Truth Social, his social media platform.

By Sophia Gonzalez

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