Donald Trump’s social network soars 54% on its first day on the stock market.

This operation could generate approximately $3 billion in revenue for the former President of the United States.

Ignacio Teson•Tuesday, March 26, 2024•1 min read

The parent company of Donald Trump’s social network, Truth Social, saw its shares surge 54% within just half an hour of hitting the market on its first day of trading on Wall Street.

This operation could generate approximately $3 billion in revenue for the former President of the United States.

At the stock market opening, Trump Media & Technology Group (TMTG) debuted on the Nasdaq index under the symbol DJT – standing for Trump – at a price of $70 per share, giving it a market value of around $9.5 billion.

The high price of its stock makes Trump’s approximately 60% stake worth about $5.5 billion now.

TMTG, a merger between Truth Social and Digital World Acquisition Corp (DWAC), a special purpose acquisition company (SPAC), replaces the latter on the New York Stock Exchange.

This is the first time in almost 30 years that a Trump company has gone public since his hotels and casinos network did so in 1995, which eventually went bankrupt and ceased trading on the stock exchange a few years later.

In this instance, the Republican magnate is prohibited from selling TMTG shares for at least six months, preventing him from using the proceeds to address his numerous legal issues (although there is a possibility that the board of directors may vote to allow Trump to sell shares before that date).

Wall Street is valuing Trump Media at around $14 billion. ‘As a public company, we will passionately pursue our vision of building a movement to reclaim the Internet from the censors of big tech,’ stated Davin Nunes, director of Trump Media, in its presentation to the SEC.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.