Trump’s social media company to start trading on Nasdaq Tuesday
The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday, March 26, 2024. The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.” (AP Photo/John Minchillo, File)
NEW YORK — Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote.
Shares of Digital World have been volatile. On Friday the stock slumped 13.7 percent after the merger was approved. On Monday, it soared 35.2 percent to $49.95.
Former President Donald Trump is set to own most of the combined company — or nearly 79 million shares, with a value of nearly $4 billion.
READ: Factbox: What’s Trump worth? A look at his assets and income
Trump won’t be able to cash out his stake in the Palm Beach, Florida-based company immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
Ticker symbol ‘DJT’
The former president was in New York Monday attending a hearing on his criminal hush money case. Elsewhere, a New York appeals court reduced to $175 million what he must post in cash or a bond while appealing a $454 million civil fraud ruling..
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol.
READ: Trump’s social media firm goes public, may net billions
He’s since been reinstated to both but has stuck with Truth Social. Trump has promoted Truth Social on the platform itself — on Friday he posted “I love Truth Social.”
5M active users
Trump Media hasn’t so far disclosed Truth Social’s user numbers but now that the company is publicly traded, more information will be disclosed. Research firm Similarweb estimates that it had roughly 5 million active mobile and web users in February.
That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler, which has been offline for nearly a year but is planning a comeback, or Gettr, which had less than 2 million visitors in February.
Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.
The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.”
