Trump Media and Technology Group experienced a significant surge in its stock price, climbing as much as 59% on Tuesday following its official debut on the stock market through a SPAC merger. The company, which is the parent of Truth Social, began trading under the ticker symbol "DJT."
Former President Donald Trump, who owns approximately 58% of the social media company, saw his stake increase in value to more than $4 billion. This boost in wealth contributed to Trump's total net worth of around $6.5 billion, although the majority of this wealth remains unrealized as Trump is subject to a six-month lock-up period before he can sell his shares in Truth Social.
The company's board, which includes close allies like Donald Trump Jr. and former Rep. Devin Nunes, may consider granting Trump a waiver to sell his shares early. Trump recently stepped down as Chairman of the company as he focuses on his 2024 Presidential campaign.
Truth Social competes with Elon Musk's social media platform X and has become Trump's preferred platform for sharing updates since being banned from major social media platforms following the events of January 6th at the US Capitol.
The Digital World SPAC, which completed its merger with Trump Media and Technology Group, has seen significant gains in its stock price, with year-to-date increases reaching 354%. The SPAC, now trading on the Nasdaq, was previously known for its meme-stock status after announcing its merger with Trump's social media venture.
While the stock price of Digital World has declined by 59% from its record high, the successful launch of Trump Media and Technology Group marks a new chapter in Trump's business endeavors, using his initials as the ticker symbol just as he did with his previous publicly traded company, Trump Hotels and Casino Resorts.