Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

The newly formed Trump Media & Technology Group stock surged on its first day of trading after merging with Digital World Acquisition Corp. (DWAC) in October 2021. The company is now trading under the ticker symbol “DJT,” which represents former President Donald J. Trump’s initials. The merger process was delayed due to regulatory investigations, but DWAC shareholders finally approved it on Friday.

On Tuesday morning, shares of Trump Media & Technology Group saw a significant increase as they debuted under the new ticker symbol “DJT.” By 11:20 a.m. ET, the stock had risen by 38% to $69.10, and at one point reached $79.38 in the first half-hour of trading.

Former President Donald Trump holds approximately 80 million shares in the company, valued between $3 billion and $4 billion at the time of the merger announcement. After the first day of trading on the Nasdaq, it is expected that these shares will be worth even more money than they were beforehand.

In October 2021, Truth Social’s parent company initially revealed plans to merge with DWAC in a blank check deal that would allow them to raise capital without any specific business plans for how to use it yet. Regulatory investigations into whether DWAC misled investors on talks with Trump Media delayed the process until Friday when shareholders approved it after months of waiting and uncertainty. Despite regulatory hurdles and legal challenges ahead, some believe that this move could improve Trump’s financial situation as he continues to navigate his post-presidential career and faces mounting legal fees and penalties.

Overall, this merger signifies an exciting new chapter for both companies and their respective owners as they continue to grow and evolve in today’s fast-paced technological landscape.

However, some analysts have expressed concerns about the long-term viability of Truth Social as a social media platform given its small user base compared to other platforms like Twitter or Facebook.

The future remains uncertain for both companies but one thing is clear; this is just the beginning of their journey towards success in the digital world space!

By Samantha Johnson

As a content writer at newsnmio.com, I craft engaging and informative articles that aim to captivate readers and provide them with valuable insights. With a background in journalism and a passion for storytelling, I thoroughly enjoy delving into diverse topics, conducting research, and producing compelling content that resonates with our audience. From breaking news pieces to in-depth features, I strive to deliver content that is both accurate and engaging, constantly seeking to bring fresh perspectives to our readers. Collaborating with a talented team of editors and journalists, I am committed to maintaining the high standards of journalism upheld by our publication.

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