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Shares of of Trump Media & Technology Group, newly merged with Digital World Acquisition Corp. (DWAC), soared as they started trading under the new "DJT" ticker symbol Tuesday.
The companies announced that DWAC's shareholders approved the merger Friday, and DWAC's stock surged Monday after it announced plans to debut under the new stock ticker Tuesday. That surge continued on Tuesday in the combined company's trading debut.
Trump Media stock, whose new ticker corresponds to the former president's initials, gained nearly 60% in the first half hour of trading, moving as high as $79.38. The stock came off those highs as trading progressed but still finished the session 16% higher at $57.99.
Trump owns about 80 million shares in the company, which was worth between $3 billion and $4 billion when the merger was announced last week. As of Tuesday's close, the stake was worth more than $4.6 billion.
Trump Media, the owner of the social network Truth Social, first announced plans to merge with blank check company DWAC in Oct. 2021, but those plans were delayed while regulators investigated whether DWAC misled investors on the talks it had with Trump Media before deciding to go public.
The company has not announced any changes to the merger terms, which currently prevent shares held by the ex-president and other major stakeholders from being sold until a six month lock-up period has passed.
Some have viewed Trump Media's intentions to go public as an effort to boost Trump's finances as he faces hundreds of millions of dollars in growing legal fees and penalties, which could continue to grow as the presumptive Republican presidential nominee's other trials continue.1
UPDATE: This article has been updated after publication with Tuesday's closing share price information.
Sourced from Investopedia
