(MENAFN) The highly anticipated stock market debut of Trump Media & Technology Group, the parent company of Truth Social, the online platform backed by former US President Donald Trump, made a remarkable entrance on the NASDAQ stock market. Amidst a surge in investor enthusiasm, shares of the company surged by an impressive 50% within the first minute of trading, triggering a fail-safe mechanism implemented by NASDAQ to mitigate market volatility.
Following the rapid rise in stock price, NASDAQ swiftly imposed a five-minute trading halt to temper the exuberance. Despite the pause, the momentum persisted, with the stock still up by 40% from its opening price an hour into the trading session.
Operating under the ticker symbol DJT, the company effectively made its public debut following the completion of its merger with Digital World Acquisition Corp (DWAC) last Friday.
Originally established as a special purpose acquisition vehicle, DWAC garnered significant attention earlier in the year, experiencing a 30% surge in its share price in January amid Trump's emergence as a frontrunner in the Republican primaries for the 2024 presidential nomination.
As part of the merger agreement, Trump is subject to a six-month lock-up period, during which he is restricted from selling his shares unless approved by the board of directors. The market debut of Trump's media venture has been closely watched, given its potential implications for his financial standing. Bloomberg reports suggest that the merger has bolstered Trump's net worth to USD6.4 billion, solidifying his position among the world's top 500 wealthiest individuals. However, Trump faces substantial legal challenges, with multi-million-dollar court claims stemming from various lawsuits, which he has vehemently dismissed as baseless and politically motivated.
MENAFN01042024000045015687ID1108042828
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.