Trump Media’s Surge on Nasdaq Trading Debut: A Win for Fans of Donald Trump?

Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

On Tuesday, Trump Media & Technology Group’s stock experienced a surge on its first day of trading after merging with Digital World Acquisition Corp. The newly formed company, represented by the stock ticker “DJT,” attracted significant attention in the market following months of delays due to Securities and Exchange Commission investigations.

The announcement of DWAC shareholders’ approval on Friday led to a surge in DWAC’s stock on Monday, as plans were unveiled for the company to begin trading under the new “DJT” ticker on Tuesday. The momentum continued as markets opened for the combined company’s trading debut.

Trump Media’s stock, reflective of the former president’s initials, saw a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, reaching a high of 59% at $79.38 in the first half hour of trading. With former President Donald Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following the first day of trading on the Nasdaq.

The merger between Trump Media and Digital World Acquisition Corp was initially proposed in October 2021 but faced delays as regulators investigated potential misrepresentation of talks between DWAC and Trump Media prior to public offering. Despite these challenges, no changes have been announced to the merger terms including a six-month lock-up period preventing major shareholders from selling their shares.

Some observers see this move as an attempt by Trump Media to boost President Trump’s finances amidst mounting legal fees and penalties

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