Trump Media & Technology Group Surges on First Day of Trading following Merger with Digital World Acquisition Corp.

Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

Trump Media & Technology Group stock has surged on its first day of trading following a merger with Digital World Acquisition Corp. The newly formed company, known as DJT, is attracting significant attention in the market. The merger was approved by DWAC shareholders on Friday and led to a surge in DWAC’s stock price on Monday. Plans were unveiled for the company to begin trading under the new “DJT” ticker on Tuesday.

The momentum continued as markets opened for the combined company’s trading debut on Tuesday. Trump Media stock, reflective of former President Donald J. Trump’s initials, saw a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, reaching a high of 59% at $79.38 in the first half hour of trading. With former President Donald Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following the first day of trading on the Nasdaq.

The merger between Trump Media and Digital World Acquisition Corp. was initially proposed in October 2021 but faced delays due to investigations by regulators into potential misrepresentation of talks prior to public offering. Despite these challenges, no changes have been announced to the merger terms, including a six-month lock-up period preventing major shareholders like ex-president from selling their shares. Some observers see this move as an attempt by Trump Media to boost President Trump’s finances amidst mounting legal fees and penalties while navigating future legal battles.

Overall, it appears that this merger will benefit both companies involved and potentially provide some financial relief for former President Donald J. Trump as he faces ongoing legal challenges related to his time in office and personal matters.

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