• Fri. May 24th, 2024

Trump Media Stock Surges on NASDAQ Debut; Ex-President Holds 80 Million Shares

BySamantha Jones

Mar 27, 2024
Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

On Tuesday morning, shares of Trump Media & Technology Group surged as they debuted under the new “DJT” ticker symbol. The company had merged with Digital World Acquisition Corp (DWAC) in October 2021, and the merger was approved by DWAC shareholders on Friday.

Trump Media stock experienced a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, and had risen as much as 59% to $79.38 in the first half-hour of trading. The stock is represented by the former president’s initials in its new ticker symbol, which reflects his involvement in the merger process.

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 will occur on Tuesday morning.

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.

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. These costs may escalate as he continues to navigate other legal challenges.

The newly combined company is now trading under the stock ticker “DJT,” which represents former President Donald J. Trump’s initials.

The surge in DWAC’s stock price came after news that DWAC shareholders approved the merger on Friday.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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