• Wed. May 29th, 2024

Trump Media Surges on First Day of Trading after Merger with DWAC

BySamantha Jones

Mar 27, 2024
Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

On Tuesday, shares of Trump Media & Technology Group surged on their first day of trading after merging with Digital World Acquisition Corp. The newly combined company is now trading under the stock ticker “DJT,” which represents former President Donald J. Trump’s initials. The merger process began in October 2021, with delays from Securities and Exchange Commission (SEC) investigations. Finally, DWAC shareholders approved the merger on Friday.

Trump Media stock experienced a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, and had risen as much as 59% to $79.38 in the first half-hour of trading. This surge was due to DWAC shareholders approving the merger on Friday and plans to begin trading under the new stock ticker on Tuesday morning.

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. The value is expected to increase significantly after the first day of trading on the Nasdaq, as investors eagerly awaited this moment since October 2021 when Trump Media initially revealed plans to merge with blank check company DWAC.

Some have speculated that Trump Media’s decision to go public is aimed at improving Trump’s financial situation as he faces mounting legal fees and penalties. These costs may escalate as the presumed Republican presidential nominee continues to navigate other legal challenges.

The merger process began in October 2021 with regulatory investigations into whether DWAC misled investors on talks with Trump Media delaying it for several months until finally, DWAC shareholders approved it last Friday.

In conclusion, shares of Trump Media & Technology Group saw a significant increase following its merge with Digital World Acquisition Corp., representing former President Donald J. Trump’s initials in its new ticker symbol “DJT”. The value is expected to increase significantly after its first day of trading on Nasdaq.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

Leave a Reply