Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. In midday trading, shares of Digital World soared nearly 22% to $45.10
Quick Read
- Nasdaq Debut: Trump Media & Technology Group, known for Truth Social, is set to start trading on Nasdaq following a merger with Digital World Acquisition Corp.
- Shareholder Approval: The merger was greenlit by Digital World Acquisition Corp.’s shareholders, leading to a significant surge in its stock price.
- Trump’s Ownership Stake: Donald Trump will hold a majority stake in the merged entity, with his shares potentially valued at nearly $3 billion based on recent stock prices.
- Promotion on Truth Social: Trump has actively promoted Truth Social on the platform, expressing his affinity for it in a recent post.
- Restrictions on Share Sales: Trump faces a “lock-up” period that restricts immediate sale of his shares, subject to potential board adjustments.
- Ticker Symbol: The combined company will trade under the ticker symbol “DJT.”
The Associated Press has the story:
Trump’s social media company to start trading on Nasdaq on Tuesday
Newslooks- (AP)
Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote.
In midday trading, shares of Digital World soared nearly 22% to $45.10.
Former president Donald Trump is set to own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.
Trump has promoted Truth Social on the platform itself — on Friday he posted “I love Truth Social.”
Trump won’t be able to cash out the deal’s windfall immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.”
