Donald Trump’s new social media company is seeing huge growth in the stock market. Based off of Truth Social, Trump Media & Technology Group merged with Digital World Acquisition Corp. (DWAC) to be able to be traded as a public company.
Shares started at $50, but quickly climbed up to a high of close to $80, settling around $62. This has proven to be a huge bump to Trump’s net worth, as he retains majority share of the company for now. The Hill reports:
Trump Media & Technology Group stock closed at roughly $62 per share Thursday after a whipsaw week of trading. Shares of Digital World Acquistion Corp. (DWAC), the “blank check” company that Trump Media merged with last week, closed at $49.99 per share the day before the newly combined firm’s stock market debut.
Shares of Trump Media rose as high as $79.38 in their first week on the market before settling near $62 Thursday, the last day of trading before Easter. The company’s market capitilization was roughly $8.4 billion as of Thursday, according to CNBC data.
Shareholders have primarily been small net worth individuals, who have wanted to show their support for Trump, and some speculators expecting the Initial Public Offering to rise. While institutional investors have not yet touched the stock, this could change if Trump gets elected as it would promise additional growth. The Associated Press continues:
Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock of Digital World more than double this year in anticipation of the merger going through.
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. He’s since been reinstated to both but has stuck with Truth Social.
Trump’s social media strategy was key for his rise in 2016, and could continue to help him. Not using Meta products, X, or TikTok could prove to be a hindrance against Democrats who will be using all available social media channels to get their own message out.
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