Shares of former President Trump’s social media startup rose nearly 50 percent after debuting on the stock market Tuesday, triggering a pause on trading.
Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday morning after a yearslong effort to merge with a special purpose acquisition company (SPAC). Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuedsday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted.
Shareholders in the SPAC, Digital World Acquisition Corp. (DWAC), approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall.
Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the merger.
The former president’s wealth has faced increased scrutiny in recent days, as he struggled to secure a $464 million bond in his New York civil fraud case and faced the potential seizure of his assets.
However, a New York appeals court on Monday significantly lowered the bond Trump must pay while appealing the case to $175 million.
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