Donald Trump’s social network soars 30% on Wall Street for its first steps on the stock market

(BFM Bourse) – The action of the media company of the former American president, which merged this Tuesday with a listed investment vehicle, jumped more than 30% at the start of the session.

Donald Trump’s ego risks further swelling. The former American president’s media company got off to a flying start on Tuesday on the New York Stock Exchange for its first day of trading under the initials DJT, those of the future Republican candidate for the presidential election.

DJT shares, from Trump Media and Technology Group (TMTG) which oversees the social network Truth Social, climbed more than 32% to $66.19 around 5:10 p.m. French time.

“I love Truth Social, I love the truth,” Donald Trump said on Tuesday on his network, created in 2022, hailing the success of shares on the Nasdaq.

Shortly after the opening of Wall Street, the trading of the highly demanded DJT title even had to be suspended for a few minutes before resuming.

>> Access our exclusive graphic analyses, and gain insight into the Trading Portfolio

Merger with a SPAC

On Friday, a general meeting of the shell company – also called SPAC – Digital World Acquisition Corp (DWAC), a listed vehicle intended to buy another company, voted in favor of a merger with TMTG, Trump’s company.

Donald Trump is the main shareholder of TMTG who will control several tens of millions of shares in the new listed company. According to several estimates, its stake would be valued on paper at more than $5 billion, given the current price of the stock.

According to Bloomberg, this IPO allowed Donald Trump to enter the 500 richest people in the world.

This operation also offers a breath of financial oxygen to the ex-president being pursued by the courts on several fronts.

New York justice on Monday eased the financial pressure on the future presidential candidate by reducing his bail in civil proceedings to $175 million, but refused to further postpone his historic criminal trial, which will begin on July 15. april.

(With AFP)

JM – ©2024 BFM Bourse

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