Trump’s Social Media Company Set to Debut on Nasdaq This Tuesday

The Trump Media & Technology Group, known for its social networking platform Truth Social, is set to start trading on the Nasdaq stock market on Tuesday.

Shareholders of Digital World Acquisition Corp., a publicly traded shell company, recently approved a merger with Trump’s media business in a Friday vote.

Digital World’s stock has been fluctuating, with a 13.7% drop after the merger approval on Friday, followed by a 35.2% increase to $49.95 on Monday.

Former President Donald Trump is expected to own the majority of the combined company, holding nearly 79 million shares valued at almost $4 billion.

Trump will not be able to sell his stake in the company right away due to a “lock-up” provision that prevents insiders from selling shares for six months.

While Trump was in New York for a hearing on his hush money case, a New York court reduced his bond amount to $175 million while he appeals a $454 million civil fraud ruling.

Truth Social was launched in February 2022 after Trump was banned from major social platforms. Despite being reinstated on Facebook and Twitter, he continues to use Truth Social and has promoted it on the platform.

Research estimates show that Truth Social had around 5 million active users in February. Trump Media, however, reported a $49 million loss in revenue in the first nine months of the previous year.

The common stock of Trump Media & Technology Group will be traded under the symbol “DJT.”

This story has been updated to correct that the amount of Trump’s bond, not the judgment, in a civil trial was reduced to $175 million.