Trump social media stock skyrockets in first day of trading
Former President Donald Trump's social media company got off to a quick start in its stock market debut Tuesday.
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. The stock was up about 40% on the day as of an hour into trading.
Shareholders in shell company Digital World Acquisition Corp. 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.
The stock, which now trades under the ticker DJT on the Nasdaq exchange, 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.
Rating: 5