Former President Donald Trump’s social media company, the Trump Media & Technology Group, made a dramatic entrance on Wall Street with shares soaring by up to 59 percent on its first day of trading. The company reached a peak of $79.38 per share before closing 16 percent higher at $57.99, despite reporting operating losses of $10.6 million for the first nine months of 2023.
The market debut of Trump’s social media company came after its merger with shell company Digital World Acquisition, leading to a market capitalization of nearly $8 billion. The launch of the social media platform Truth Social by Trump himself came after he was banned from mainstream platforms following the January 6 insurrection.
With Trump holding nearly a 60 percent ownership stake in the company, his net worth has now increased to about $4.6 billion. However, Trump is currently facing legal challenges as he seeks re-election, including a significant bond payment after a New York court found that he and his family business had lied about the value of his assets.
Initially, a New York appeals court had ordered Trump to pay a $454 million bond, but it was later reduced to $175 million, giving him an additional 10 days to make the payment. Trump has confirmed that he intends to pay the reduced bond amount within the extended timeline. As Trump juggles legal battles and his role in the social media landscape, the future of the Trump Media & Technology Group remains a topic of interest and speculation.
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