Sun. Jun 16th, 2024
Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

The long-awaited merger between Trump Media & Technology Group and Digital World Acquisition Corp. has finally come to fruition, with the newly formed company attracting significant attention in the market. After months of delays due to Securities and Exchange Commission investigations, DWAC shareholders finally approved the merger on Friday.

As a result, Trump Media stock experienced a surge on its first day of trading following the merger. The momentum continued as markets opened on Tuesday for the combined company’s trading debut. In just over an hour, Trump Media stock saw a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, reaching a high of 59% at $79.38 in the first half hour of trading.

The merger between Trump Media and Digital World Acquisition Corp was initially proposed in October 2021 but faced delays as regulators investigated potential misrepresentation of talks between DWAC and Trump Media prior to the public offering. Despite these challenges, no changes have been announced to the merger terms, including a six-month lock-up period preventing major shareholders like former President Donald Trump from selling their shares.

Some observers see this move as an opportunity for President Trump to boost his finances amidst mounting legal fees and penalties while navigating future legal battles.

Overall, this move is seen as a significant step forward for both companies involved and could pave the way for further growth and expansion in the media industry in the future.

In conclusion, Trump Media & Technology Group’s first day of trading under its new ticker “DJT” was marked by an impressive surge in stock value after its successful merger with Digital World Acquisition Corp (DWAC). With former President Donald J. Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following this milestone event on Nasdaq stock exchange.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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