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The former United States President Donald J. Trump is making headlines due to the upcoming presidential elections as a candidate. However, he created buzz in the financial world after Trump Media & Technology Group Corp. (NASDAQ: DJT) went public yesterday. This company is the parent of Truth Social, his personal social media platform.
Trump Media & Technology Group Corp. (NASDAQ: DJT) commenced trading on Tuesday March 26, 2024. On its debut day of trading, the stock soared, achieving gains of up to 16%. The company went public through a merger with Digital World Acquisition Corp., (NASDAQ: DWAC) a special-purpose acquisition company (SPAC). The stock experienced significant pre-market trading activity today, with a substantial gap up of $71.93, marking a 24% increase from yesterday’s closing price.
Shareholders approved the deal last week. Digital World Acquisition has been publicly listed since 2021. Trump Media & Technology Group’s stock closed at $57.99 per share yesterday, giving it a market capitalization of approximately $8 billion. Donald Trump launched Truth Social after being banned from platforms like Twitter and Facebook post-Capitol riots on January 6, 2021. While he’s back on those platforms, he remains active on Truth Social.
The former United States President Donald J. Trump owns approximately 60% of Truth Social, valued at $5 billion. Media incurred losses of $49 million in the first nine months, with revenues at $3.4 million during the same period. In any event this is an intriguing stock to monitor as it is expected to continue rising in the near term without showing signs of leveling off.