Donald Trump’s media company saw a significant surge in its stock value as it officially entered the stock market.
Donald Trump stock market debut – media firm hits £7.9bn peak value
Shares in Donald Trump’s media firm have soared on their stock market debut in New York, leaving his majority holding worth almost $6bn (£4.8bn) on paper at one stage.
Trump Media & Technology Group (TMTG), the vehicle for his social media site Truth Social, gained 50% on the Nasdaq on Tuesday afternoon dealing.
It took the company’s valuation beyond $10bn (£7.9bn) within hours but the peak value, at $74 per share, faded away ahead of the market close. The stock ended the day at $58, according to LSEG data.
Analysts suggested that investors were mostly supporters of the former US president, who is running for re-election this year, rather than institutions and that it was the most trending stock on US exchanges.
The shares were trading under the ticker name of DJT – Trump’s initials. The former president faces a series of big legal bills from four criminal trials and is reportedly struggling to raise funds for his bid for a new term in the White House.
Donald Trump Truth Social ‘safe harbour for free expession’
Ahead of the listing on the Nasdaq exchange, Trump Media officials called it a “pivotal moment” for the firm – and the wider media landscape.
“As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” said Trump Media chief executive Devin Nunes, a former congressman.
“We will continue to fulfil our commitment to Americans to serve as a safe harbour for free expression and to stand up to the ever-growing army of speech suppressors.”