Trump’s Social Media Business Sees Soaring Debut in New York Market

  • 27 March 2024
  • Posted by: Federica Montella
  • Categories: eToro CopyTrader, Investing
No Comments

Shares in Donald Trump’s social media venture surged during its New York stock market debut on Tuesday, propelling the former US president’s stake to a staggering $4.6 billion.

The company behind Trump’s Truth Social platform, known as Trump Media & Technology Group (TMTG), experienced a remarkable rise. Its share price soared from the previous day’s value of $49.95 to a peak of $79.38 before settling at $57.99 — a 16% increase.

The trading frenzy was so intense that trading had to be temporarily halted.

TMTG has now secured a listing on the Nasdaq stock exchange, using the ticker symbol DJT (reflecting Trump’s initials).

This milestone follows the completion of its merger with blank-check company Digital World Acquisition Corp on Monday.

As the largest shareholder, Trump owns 58% of the merged company’s shares (before accounting for dilution), making him the primary beneficiary of this price surge.

Truth Social, founded by Trump Media & Technology Group (TMTG) in October 2021, emerged as an alternative to mainstream social media platforms, positioning itself as a space where users can express their views without perceived censorship. Its official launch occurred on February 21, 2022.

Trump’s interest in creating a new social media platform stemmed from his ban from Facebook and Twitter following the 2021 United States Capitol attack.

Prior to Truth Social, he briefly experimented with a web page called “From the Desk of Donald J. Trump,” which posted short announcements but was eventually shut down.

In summary, Truth Social represents Trump’s attempt to carve out a digital space that aligns with his vision, but it faces substantial financial and regulatory headwinds. Its success or challenges will continue to unfold in the dynamic landscape of social media.

eToro Disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

Sign up to receive my latest articles in your inbox

I agree that my data is used according to the privacy policy



Author: Federica Montella
eToro Popular Investor, food lover and blogger. Stock trader and Popular Investor at eToro. I am on a mission to find the best restaurants and food to eat.

Partners: Osom One, Vincenzo Stefanini, Federica Montella, Crypto Breaking, Visit Tenerife, White Shop, Soccavo Magazine, Leggo Fuorigrotta, Night Awards, Capodanno Napoli, Come To Dubai