Advertisement
The company that owns Truth Social will be on the Nasdaq stock exchange. How much is it worth? What are investors paying?
Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. Shares of Digital World have been volatile. On Friday, the stock slumped 13.7% after the merger was approved. In afternoon trading Monday soared 22% to USD$45.40. (All figures in this article are in U.S. currency.)
Former U.S. president Donald Trump is set to own most of the combined company—or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.
Trump won’t be able to cash out his stake in the Palm Beach, Florida-based company immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
The former president was in New York on Monday, March 25, 2024, attending a hearing on his criminal hush money case. Elsewhere, a New York appeals court reduced his $454 million civil fraud judgment to $175 million if he puts up that amount within 10 days.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social. Trump has promoted Truth Social on the platform itself—on Friday he posted “I love Truth Social.”
Trump Media hasn’t so far disclosed Truth Social’s user numbers but now that the company is publicly traded, more information will be disclosed. Research firm Similarweb estimates that it had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion—but still higher than other “alt-tech” rivals like Parler, which has been offline for nearly a year but is planning a comeback, or Gettr, which had less than 2 million visitors in February.
Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.
The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.”
Tools
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
Looking for gifts with great value? Our editors share ideas that are thoughtful, useful and even cozy—plus they can...
If you’re looking for a financial advisor or planner, learning about their credentials can help you choose the right...
Nvidia doubles revenue in one year, Canadian inflation moves in the wrong direction, Target misses badly, Walmart beats earnings...
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
Nvidia is Wall Street’s most valuable company. How it got there, by the numbers.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Learn how to get mental health support in Canada, whether or not you have workplace benefits or insurance coverage.
