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President Donald Trump’s Truth Social parent company, Trump Media & Technology Group (TMTG), soared to new heights upon entering the Nasdaq stock exchange on Tuesday, rocketing up to a value of $9 billion, according to some reports.
Reuters shared that TMTG spiked upward of 37 percent on Tuesday in its first day of entering the exchange with the new ticker, “DJT,” and an overall market capitalization value of just over $9 billion.
This comes just days after TMTG merged with Digital World Acquisition Corp. (DWAC) last week after an anticipated shareholder vote. Trump owns the majority stake in the company, gaining billions in the merger and rebuilding his net worth up to $6.5 billion, according to Bloomberg.
Thanks to this business move, Trump has found himself comfortably sitting once again on Bloomberg’s coveted list of the world’s 500 richest people.
PennLive reported that Trump’s stock entered the market on Tuesday morning at nearly $50 per share and a value of just under $7 billion. However, as eager investors flocked to DJT on the exchange, the value of the company rose to $9 billion, and Reuters reported that shares were trading at $67.
While the stock price and market value of DJT will certainly fluctuate, such a strong opening day for the president’s media company is truly staggering – and long-awaited. TMTG and DWAC’s merger was notoriously slow. TMTG CEO Devin Nunes noted that the Securities & Exchange Commission (SEC) slowed-walked the review of the company, which caused months-long delays for the merger, RSBN previously reported.
“Our goal is to compete with these Big Tech giants, but in order to do that, you need to be a big public company with access to capital markets,” he told RSBN in 2023.
With DJT trading phenomenally well and the value of Truth Social’s parent company soaring, it looks as if the competition has arrived.
