Trump Media Company Stock Price Skyrockets in First Day of Public Trading
On its first day of trading, Truth Social was soaring on Wall Street. The social media platform founded by former President Donald Trump, and trading under his initials, looked to be a hit with investors Tuesday…
On its first day of trading, Truth Social was soaring on Wall Street.
The Social media platform founded by former President Donald Trump, and trading under his initials, looked to be a hit with investors Tuesday, according to Yahoo Finance.
It was such a big hit, in fact, that trading was briefly suspended.
Truth Social’s parent company, Trump Media and Technology Group, trades on the Nasdaq under the ticker symbol “DJT” — initials familiar to anyone who’s followed American Politics even casually since Trump, formerly known mainly as a billionaire real estate mogul and reality TV star, entered the political arena for keeps in 2015.
The new company resulted from a merger of Trump Media and Technology with Digital World Acquisition Corp., as The New York Times reported Friday.
At 1 p.m. Tuesday, its stock was trading at $72.73 a share.
DWAC, the company’s previous Wall Street ticker symbol, which has been replaced by DJT, closed Monday at about $50 a share, according to Yahoo Finance.
Trading in the new company’s shares Tuesday was so brisk that it was temporarily halted soon after the opening bell, according to AOL. When trading resumed, it started rising again.
Supporters of the former president trumpeted the news of the stock’s initial success:
In addition to the inherent drama of anything related to Trump, considering he’s the presumptive Republican presidential nominee and facing four criminal cases brought by Democratic prosecutors, the DJT stock was closely watched because of the civil judgment he faces in New York. (Trump’s reprieve from posting a bond on Monday didn’t dilute the interest the case generated.)
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Trump himself owns about 60 percent of the company, according to USA Today.
The stock price was viewed by some observers through a political lens, rather than a judgment of the market about the stock’s ultimate financial future.
“This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects,” Thomas Hayes, chairman of Great Hill Capital, a New York hedge fund, told the Post.
Trump celebrated Truth Social in a Tuesday post on the platform.
“I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!” he said.
This article appeared originally on The Western Journal.