[ad_1]
-
Trump Media and Technology Group soared as much as 59% on Tuesday after going public through a SPAC merger.
-
Truth Social’s parent company began trading on Tuesday under the ticker symbol “DJT.”
-
Former President Donald Trump owns about 58% of the social media company, a stake that is currently worth billions of dollars.
Trump Media and Technology Group soared as much as 59% on Tuesday after officially going public through a SPAC merger and adopting the ticker symbol “DJT.”
The soaring stock price has benefited former President Donald Trump’s net worth, as he owns about 58% of the company’s stock, which is worth more than $4 billion, according to Bloomberg.
Mr. Trump’s total net worth is currently about $6.5 billion, but much of that wealth is on paper because Mr. Trump cannot sell his shares in Truth Social until a six-month lock-up period expires. Still, he could receive immunity from the company’s board of directors, which includes close friends such as his son Donald Trump Jr. and former U.S. Rep. Devin Nunes.
Trump Media and Technology Group currently trades on the NASDAQ exchange. Former Congressman Devin Nunes will serve as the company’s CEO, while Trump has stepped down as chairman to begin his 2024 presidential campaign.
Truth Social competes with Elon Musk’s social media company It has become my preferred online venue.
Digital World SPAC’s stock price has soared on expectations that it will complete its merger with Truth Social after more than two years of being blocked from SEC and shareholder votes. Year-to-date gains for the SPAC, which later became Trump Media and Technology Group, reached 354% on Tuesday.
This is not the first time Trump has used his initials as the ticker symbol for his publicly traded company. Mr. Trump also used the same ticker symbol for Trump Hotels and Casino Resorts when it went public in 1995, but the company eventually filed for bankruptcy.
Digital World Acquisition turned into a meme stock after the company announced its intention to merge with the former president’s social media company, and a trading frenzy sent its stock price up to $175 per share in October 2021.
Digital World’s stock is currently trading at about $72 per share, down about 59% from its all-time high.
Read the original article on Business Insider
[ad_2]
Source link
