Trump Media & Technology Group Corp. shares jumped Tuesday on their debut under the new DJT ticker symbol, resulting in a bonanza for the former President. Trump Media & Technology Group, controlled by Republican presidential candidate Donald Trump, saw its shares rise more than 34% on Tuesday in the Nasdaq debut. The stock is expected to remain volatile in the days ahead.
Trump Media had a market worth of approximately $6.8 billion before trading began, which will increase dramatically if the early gains in the shares persist. Earlier, Donald Trump claimed to have over a half-billion dollars in cash, but said he’d rather spend it on his presidential campaign than the on the civil fraud judgment against him in New York.
Trump Media & Technology Group has gone public today, but it is not an IPO offering. This is because the corporation amalgamated with a company called Digital World Acquisition Corp.
Digital World Acquisition Corp (DWAC) is a special purpose acquisition company (SPAC) that has been trading on the Nasdaq since 2021. SPACs are frequently referred to as “blank check companies.” They often raise funds before acquiring a target company, combining with it, and taking the acquired firm public in a different manner than a standard IPO.
Shareholders of Digital World Acquisition Corp (DWAC), the SPAC that lists Trump Media & Technology Group on the stock market through a merger, voted in favor of the deal on Friday. Donald Trump’s stake in ‘Truth Social’ increased significantly after this deal.