Shares for the Trump Media & Technology Group (TMTG) stock, DJT, surged 50% before experiencing a brief halt due to volatility.
The market capitalization reached about $15 billion before dropping. Trading resumed at 9:40 a.m. ET. By 9:50 a.m. ET, more than 6.5 million shares of the stock had been exchanged.
TMTG’s stock price rose to nearly $72 from an opening price of $49.95, according to The Hill. By the time the market closed, TMTG traded at $58.
BREAKING: Trump's media stock ($DJT) is soaring a whopping 50% on its first day.
— End Wokeness (@EndWokeness) March 26, 2024
It has a $15 Billion market cap, higher than EIGHTY companies listed on the S&P 500 including American Airlines.
Trump owns a 58% stake in the company, meaning he is now $9 BILLION richer.
The… pic.twitter.com/yrYMoJ7c1g
After TMTG successfully merged with Digital World Acquisition Corporation, Donald Trump became one of the richest people in the world.
Trump, whose share of the company is expected to be around 58% stake, could be worth around $3 billion, making his net worth an estimated $6.4 billion.
BREAKING from Bloomberg: Trump's wealth SOARS to record $6.4 billion on SPAC deal, making him one of the world's 500 richest people. https://t.co/ybHbvw4OTu
— Steven Dennis (@StevenTDennis) March 25, 2024
Upon launching TMTG, CEO Devin Nunes said in a press release, “We built this company to protect the American people’s voices and their freedom.”
“Having transformed into a public company, Truth Social remains committed to maintaining and vehemently defending a digital space for free expression.”
