Donald Trump’s social media company soars in Wall Street debut
Al Jazeera
Trump Media & Technology Group closes 16 percent higher, giving the company a market capitalisation of nearly $8bn.
Shares of former Donald Trump’s social media company soared by as much as 59 percent on the first day of trading on Wall Street, boosting the former United States president’s expected windfall as he faces a growing list of legal bills.
The Trump Media & Technology Group reached $79.38 per share at its peak on Tuesday, before closing 16 percent higher at $57.99, giving the company a market capitalisation of nearly $8bn.
Trump Media’s rip-roaring market debut, despite operating losses of $10.6m for the first nine months of 2023, came a day after the completed its merger with shell company Digital World Acquisition.
Trump launched the social media platform Truth Social after he was kicked off mainstream platforms, including Facebook and Twitter, following the January 6 insurrection at the US Capitol.
The Republican contender for the 2024 US presidential election has since been reinstated to both but has stuck with Truth Social.
