Truth Social Stock Price Surges on First Day of Trading, Increasing Trump’s Fortune

[CaptainMaverick]

Board members including Donald Trump’s son and former cabinet members will decide when he can cash in!

Former President Donald Trump's social media company got off to a quick start in its stock market debut Tuesday.

Shares of Trump Media & Technology Group, the parent company of Truth Social, shot up more than 50% in its first minutes of trading. The quick move triggered a trading halt of five minutes, which exchanges use to put a check on volatile stock moves.

 

Shares cooled slightly after trading resumed, but interest remained hot. It was up about 40% as of midday and was one of the most actively traded stocks on the Nasdaq exchange, according to CNBC data.

Trump appeared to celebrate the stock's performance with a post on his platform late Tuesday morning.

 

Shareholders in shell company Digital World Acquisition Corp., or DWAC, voted Friday to approve a merger with Trump's social media company. The long-expected deal effectively took Trump Media & Technology Group into the public market, allowing people to easily buy and sell its stock. DWAC's stock had been trading since September 2021.

The stock, which now trades under the ticker DJT, is being closely watched in large part because its fortunes could have a major impact on Trump's strained finances. The former president's net worth, at least on paper, is now at over $6 billion, according to Bloomberg.