Shares of former President Donald Trump’s social media startup rose nearly 50% after its stock market listing on Tuesday, triggering a trading pause.
Trump Media & Technology Group, the parent company of President Trump’s “Truth Social” platform, went public on Tuesday morning after years of efforts to merge with a special acquisition company (SPAC). The company’s stock price rose 46% just before 10:30 a.m. ET on Tuesday, rising from an opening price of $49.95 to about $72 after trading was paused.
Shareholders of the SPAC, Digital World Acquisition Corporation (DWAC), approved a merger on Friday, marking the stock market debut of Truth Social’s parent company and potentially securing a multibillion-dollar windfall for Trump. There is.
Trump, who owns about 58% of Trump Media, was added to Bloomberg’s list of the world’s 500 richest people on Monday following the merger.
The former president’s assets have come under increased scrutiny in recent days as he struggled to secure $464 million bail in a New York civil fraud case and faced possible asset seizure.
But the New York Court of Appeals on Monday significantly lowered the bond Trump must pay during his appeal to $175 million.
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