Trump’s Truth Social Skyrockets

In a big moment for Donald Trump and his supporters, the stock of Trump Media & Technology Group, the company behind the Truth Social platform, surged when it debuted on the Nasdaq.

On Tuesday, Trump Media & Technology Group (TMTG) made its market debut after merging with Digital World Acquisition, a shell company. The stock price of Trump Media rose by 36.3%, reaching $68.09 by mid-afternoon, according to reports.

Trading under the ticker symbol “DJT,” which stands for Donald J. Trump, the presumed 2024 GOP presidential nominee, the stock experienced nearly a 60% surge earlier in the day, leading to a temporary halt in trading due to extreme fluctuations.

Former President Trump expressed his excitement for Truth Social, his new social media venture, saying, “I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!”

Trump launched Truth Social after being banned from major social media platforms following the events of January 6, 2021, at the US Capitol.

With around 80 million shares in the company, Trump’s stake is now valued at over $5 billion, providing a financial boost as he faces legal challenges. This includes a New York court ruling that he and his family allegedly misrepresented their assets’ value for years.

A New York appellate court reduced a $454 million bond payment, originally due on Monday, to $175 million, extending the deadline by 10 days. The decision eased concerns about potential asset seizures by New York authorities.

In response, Trump stated his intention to make the $175 million payment “within the 10 days.”