Donald Trump’s media company surges 50% in Wall Street debut
NY Post
Shares in Donald Trump’s media company surged more than 50% at the start of trading on Tuesday — the first day investors could own a piece of the former president’s social media platform Truth Social.
Trump Media & Technology Group started trading on the Nasdaq index under the ticker name DJT — the initials for Donald John Trump — with the stock dipping from its opening spike to around $71 a share by 10:30 am ET, 42% higher than its closing price on Monday.
Trump owns a majority stake in DJT with nearly 79 million shares, raising his value to around $5.9 billion.
The soaring stock price was fueled by news that Trump managed to secure a drastically reduced bond of $175 million in his civil fraud case.
However, the overheated demand for the stock comes despite Truth Social losing $10.6 million from its operations in the first nine months of 2023.
“The valuation of the business is rich relative to its underlying fundamentals, but I would not get in front of it in the near term,” said Thomas Hayes, chairman of Great Hill Capital.
