Trump’s Social Media Business Sees Soaring Debut in New York Market

Shares in Donald Trump’s social media venture surged during its New York stock market debut on Tuesday, propelling the former US president’s stake to a staggering $4.6 billion.

The company behind Trump’s Truth Social platform, known as Trump Media & Technology Group (TMTG), experienced a remarkable rise. Its share price soared from the previous day’s value of $49.95 to a peak of $79.38 before settling at $57.99 — a 16% increase.

The trading frenzy was so intense that trading had to be temporarily halted.

TMTG has now secured a listing on the Nasdaq stock exchange, using the ticker symbol DJT (reflecting Trump’s initials).

This milestone follows the completion of its merger with blank-check company Digital World Acquisition Corp on Monday.

As the largest shareholder, Trump owns 58% of the merged company’s shares (before accounting for dilution), making him the primary beneficiary of this price surge.

Truth Social, founded by Trump Media & Technology Group (TMTG) in October 2021, emerged as an alternative to mainstream social media platforms, positioning itself as a space where users can express their views without perceived censorship. Its official launch occurred on February 21, 2022.

Trump’s interest in creating a new social media platform stemmed from his ban from Facebook and Twitter following the 2021 United States Capitol attack.

Prior to Truth Social, he briefly experimented with a web page called “From the Desk of Donald J. Trump,” which posted short announcements but was eventually shut down.

In summary, Truth Social represents Trump’s attempt to carve out a digital space that aligns with his vision, but it faces substantial financial and regulatory headwinds. Its success or challenges will continue to unfold in the dynamic landscape of social media.

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Author: Federica Montella
eToro Popular Investor, food lover and blogger. Stock trader and Popular Investor at eToro. I am on a mission to find the best restaurants and food to eat.