On Tuesday, Trump Media & Technology Group Corp., the newly merged social media company owned by former President Donald Trump, will commence trading under the stock ticker symbol DJT on the NASDAQ market.
The company, which operates the Truth Social app platform, is the product of a merger between Trump’s company and the shell company Digital World Acquisition Corp (DWAC).
The merger was approved by a majority of DWAC shareholders on Friday and was finalized on Monday, as stated in a filing with the Securities and Exchange Commission.
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Following the announcement of the merger’s completion, DWAC’s share price experienced a significant surge of up to 25%, recovering from losses incurred on Friday after the merger’s approval.
Truth Social to begin trading under symbol DJT on Tuesday.https://t.co/M9wV2ZAizm
— Citizen Free Press (@CitizenFreePres) March 25, 2024
According to the filing, Trump holds a stake of at least 58% in the company, which, based on Monday’s share price, is valued at $3 billion or more. However, current regulations prohibit Trump from selling his shares for a period of six months.
Devin Nunes, who served as the CEO of the private company before its merger with DWAC, will continue to lead Trump Media alongside his current management team.
In a statement, Nunes expressed the company’s dedication to building a movement that reclaims the internet from the censorship imposed by Big Tech companies.
He further emphasized their commitment to providing a safe haven for free expression and standing up against the growing number of speech suppressors.
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As part of the leadership transition, Eric Swider, the former CEO of DWAC, will assume the role of a director at Trump Media.
