XPost: misc.invest.stocks, alt.politics.media, alt.fan.rush-limbaugh
XPost: talk.politics.guns
NEW YORK (AP) — Shares of Donald Trump’s social media company rose about
16% in the first day of trading on the Nasdaq, boosting the value of
Trump’s large stake in the company as well as the smaller holdings of fans
who purchased shares as a show of support for the former president.
Trump Media & Technology Group Corp. merged Monday with a blank-check
compan y called Digital World Acquisition Corp. Trump Media, which runs
the social media platform Truth Social, has now taken Digital World’s
place on the Nasdaq stock exchange.
Shares closed at $57.99, up 16.1%, giving the company a market value of
$7.85 billion. At one point the stock was up about 59%. Trump holds a
nearly 60% ownership stake in the company, now worth about $4.6 billion.
Many of those investing in Trump Media are small-time investors either
trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the
stock of Digital World more than double this year in anticipation of the
merger going through.
Truth Social launched in February 2022, one year after Trump was banned
from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social.
On Truth Social Tuesday, users were posting about being shareholders or
seeking tips on how to buy shares.
One user urged conservatives to “get behind the DJT stock and sent it over
$100 per share” to “drive the liberals insane!” Another declared: “Get
yourself a piece of #DJT stock if your a true MAGA supporter.”
A day earlier, Trump Media CEO Devin Nunes, a former House Republican,
said, “As a public company, we will passionately pursue our vision to
build a movement to reclaim the Internet from Big Tech censors.”
https://apnews.com/article/trump-media-truth-social-nasdaq-stock- 106d7c423174ca1d7cc3cc9a3f3897a0
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