Donald Trump’s Social Media Company Surges in Trading Debut, Former President’s Wealth Spikes to $6.4 Billion

Trump Media & Technology Group gained as much as 59% in its trading debut on Tuesday

 Trump Media & Technology Group gained as much as 59% in its trading debut on Tuesday, making the businessman and former president one of the richest 500 people in the world, according to Bloomberg.

As a result of the success of the trading debut, Bloomberg reported that Donald Trump’s net worth will increase by more than $4 billion — making him worth $6.4 billion.

Former President Trump’s Truth Social made its Nasdaq market debut as shareholders of blank-check acquisition company Digital World Acquisition Corp. approved a merger with the social media app’s parent company, Trump Media & Technology Group.

The Securities and Exchange Commission filing of the merger can be seen here.

Trading in Trump Media and Technology Group, the company behind the Truth Social app, was so robust that it was briefly halted at one point, but Trump enjoyed his single-greatest day on record for creating wealth.

Reports indicated that more than 6.5 million shares of the Trump stock were bought and sold by around 9:50 a.m. ET, and Reuters reported that the company is now worth about $10 billion after the surge.

“We built this company to protect the American people’s voices and their freedom,” said  Trump Media & Technology Group CEO Devin Nunes. “Having transformed into a public company, Truth Social remains committed to maintaining and vehemently defending a digital space for free expression.

“The mission of Trump Media & Technology Group is to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.”

The company listed on the Nasdaq exchange by merging with an already listed shell company, in a process called a backdoor listing.

For Trump Media & Technology Group, the stock ticker symbol “DJT” pays direct homage to the company’s former Chairman and Director, and the 45^th President of the United States.

“We believe that the commencement of trading of DJT on the public markets testifies to Americans’ demands for free-speech platforms that reject the stifling censorship imposed by Big Tech,” said a company spokesperson.

Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and Twitter, the platform now known as X.  Trump Media’s board of directors includes Donald Trump Jr., three former members of the Trump of administration, and former congressman Devin Nunes is serving as CEO.

Similar Stories