Former President Donald Trump’s social media venture, Trump Media & Technology Group Corp., made a strong debut on the Nasdaq stock exchange Monday, with shares soaring more than 30% in the first day of trading.
The company, which operates the Truth Social platform, merged with a blank-check company called Digital World Acquisition Corp., effectively taking its place on the Nasdaq under the ticker symbol “DJT.”
The impressive performance boosted the value of Trump’s nearly 60% ownership stake in the company, as well as the smaller stakes held by supporters who invested in the shares as a show of solidarity with the former president.
Before trading commenced, Trump Media had a market value of approximately $6.8 billion, a figure expected to rise significantly if the gains hold. The stock’s popularity was so intense that Nasdaq briefly halted trading just two minutes after the opening bell.
Donald Trump’s $6.4 billion net worth means that he is, for the first time, one of the world’s 500 richest people https://t.co/fqeMhGyzRO
— Bloomberg (@business) March 25, 2024
Truth Social, which launched in February 2022, emerged a year after Trump was banned from major social platforms, including Facebook and X (formerly Twitter), in the wake of the Jan. 6 riot at the U.S. Capitol. Despite being reinstated on both platforms, Trump has remained loyal to Truth Social.
On the platform Tuesday, #DJT and the ticker of Digital World were among the top trending topics.
Users enthusiastically shared their shareholder status and sought advice on purchasing shares.
One user encouraged conservatives to rally behind the DJT stock and push it over $100 per share to “drive the liberals insane,” while another proclaimed, “Get yourself a piece of #DJT stock if your a true MAGA supporter.”
Devin Nunes, the CEO of Trump Media and a former House Republican, stated Monday, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.”
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The successful first day of trading for Trump Media & Technology Group Corp. on the Nasdaq reflects in part the strong support and enthusiasm among the former president’s base.
