Shares in former US president Donald Trump’s media firm have soared on their stock market debut in New York, leaving his majority holding worth almost $6bn (£4.8bn) on paper at one stage.
Trump Media & Technology Group (TMTG), the vehicle for his social media rival to X called Truth Social, gained 50% on the Nasdaq on Tuesday afternoon dealing.
It took the company’s valuation beyond $10bn (£7.9bn) within hours but the peak value, at $74 per share, faded away ahead of the market close. The stock ended the day at $58, according to LSEG data.
Analysts suggested that investors were mostly supporters of Mr Trump ahead of the looming presidential election rather than institutions and that it was the most trending stock on US exchanges.
The shares were trading under the ticker name of DJT – Mr Trump’s initials – giving it a personal stamp as he faces a series of big legal bills from four criminal trials and struggles to raise funds for his bid for a new term in the White House.
The stock market listing was only possible due to a merger with a publicly-listed shell company called Digital World Acquisition Corp.
That deal, which was two years in the making, was completed earlier this week following regulatory approval, allowing that company to become TMTG.
His use of the so-called special purpose acquisition firm (SPAC) to float TMTG meant he bypassed the traditional route to market through an Initial Public Offering.
The share sale will give $300m to Truth Social, which claims to have tens of millions of users.
Filings show it brought in $3.5m of revenue from its operations in the first…
