Trump Media & Technology Group closed 16% higher, giving the company a market cap of nearly $8 billion.
Shares in former President Donald Trump’s social media company soared as much as 59% in its first day of trading on Wall Street, further boosting the former US president’s expected windfall as he faces a growing list of bills.
Trump Media & Technology Group hit a high of $79.38 per share on Tuesday, but closed 16% higher at $57.99, giving the company a market cap of nearly $8 billion.
Trump Media’s eventful market debut comes a day after it completed its merger with shell company Digital World Acquisition, despite posting an operating loss of $10.6 million in the first nine months of 2023. Ta.
President Trump launched the social media platform Truth Social after being banned from mainstream platforms such as Facebook and Twitter in the wake of the Jan. 6 riot at the U.S. Capitol.
The Republican candidate for the 2024 US presidential election has since returned to both races, but stuck with Truth Social.
Trump owns nearly 60% of the company, which is currently worth about $4.6 billion.
President Trump posted on his social media network on Tuesday: “I love truth social, I love truth!”
Trump, who is seeking re-election against President Joe Biden in November, is facing four criminal trials, but is struggling to raise campaign funds and racking up legal costs.
Trump now faces a huge bail bond after a New York court ruled that he, his sons, and their family business lied for years about the value of their assets.
The New York Court of Appeals on Monday reduced his $454 million bail to $175 million, giving him another 10 days and saying Trump would comply.
The initial amount raised the possibility that New York authorities would seize Mr. Trump’s assets.
