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Trump's Truth Social to be worth nearly $8 billion when listed in New York | Donald Trump

The company behind Donald Trump's Truth Social went public on Tuesday at a price that values ​​the frivolous social network at nearly $8 billion.

Shares of Digital World Acquisition, the shell company that merged President Trump's social media business, have soared since the beginning of the year.

they started a shaky rally The Trump Media & Technology combination on Tuesday closed up 15% after the first day of trading.

The company trades under the ticker symbol “DJT,” which uses President Trump's initials.

With the entry of Trump Media into the market, captured the former president Approximately $4.6 billion in banknotes .After the deal closed on Monday, Bloomberg Said Trump has joined the world's 500 richest people for the first time.

But after Tuesday's opening bell, Trump Media trading became so volatile that it was suspended. At one point on Tuesday, the group's shares soared more than 50%.

Mr. Trump is currently unable to sell his holdings, but for the sale to raise billions of dollars, the stock would need to continue trading at the levels that have skyrocketed in recent months.

“I love True Social,” he wrote on the platform shortly after Trump Media went public on New York's Nasdaq stock exchange. Investors finally backed the Trump Media and Digital World merger last week, setting the stage for the deal to close.

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This comes as Trump faces significant legal costs as he fights to take back the presidency from Joe Biden in November's election.he Betting $454 million After the civil fraud case, the former president I threw a lifeline on Monday. At that time, a panel of appeals court judges gave him 10 days to secure a much smaller bail of $175 million.

Trump Media has struggled since Truth Social's lackluster launch, with sales of only about $5 million since 2021. But Digital World is increasingly seen as a so-called meme stock, fueled by internet memes (in its case, posted on platforms like Truth), social – a nod to retail investors. I urge you to do so.

Special acquisition vehicles, or Spacs, such as Digital World, typically raise money from investors through initial public offerings before seeking companies to go public.

Once the Spac finds a target and agrees to terms, it will absorb that business and bring it into the stock market, allowing investors from both companies to slide. However, if the Spac's original investors don't like the deal, they can withdraw their cash.

“As a publicly traded company, we will passionately pursue our vision of building a movement to take back the internet from big tech censorship,” said Devin Nunes, a former Republican lawmaker and current CEO of Trump Media. ” he said.

Summarize this content to 100 words The company behind Donald Trump's Truth Social went public on Tuesday at a price that values ​​the frivolous social network at nearly $8 billion.Shares of Digital World Acquisition, the shell company that merged President Trump's social media business, have soared since the beginning of the year.they started a shaky rally The Trump Media & Technology combination on Tuesday closed up 15% after the first day of trading.The company trades under the ticker symbol “DJT,” which uses President Trump's initials.With the entry of Trump Media into the market, captured the former president Approximately $4.6 billion in banknotes .After the deal closed on Monday, Bloomberg Said Trump has joined the world's 500 richest people for the first time.But after Tuesday's opening bell, Trump Media trading became so volatile that it was suspended. At one point on Tuesday, the group's shares soared more than 50%.Mr. Trump is currently unable to sell his holdings, but for the sale to raise billions of dollars, the stock would need to continue trading at the levels that have skyrocketed in recent months.”I love True Social,” he wrote on the platform shortly after Trump Media went public on New York's Nasdaq stock exchange. Investors finally backed the Trump Media and Digital World merger last week, setting the stage for the deal to close.Skip past newsletter promotionssign up for today's businessGet ready for work – all the business news and analysis you need every morningPrivacy Notice: Newsletters may include information about charities, online advertising, and content funded by external organizations. For more information, see privacy policy. We use Google reCaptcha to protect our website and Google. privacy policy and terms of service Apply.After newsletter promotionThis comes as Trump faces significant legal costs as he fights to take back the presidency from Joe Biden in November's election.he Betting $454 million After the civil fraud case, the former president I threw a lifeline on Monday. At that time, a panel of appeals court judges gave him 10 days to secure a much smaller bail of $175 million.Trump Media has struggled since Truth Social's lackluster launch, with sales of only about $5 million since 2021. But Digital World is increasingly seen as a so-called meme stock, fueled by internet memes (in its case, posted on platforms like Truth), social – a nod to retail investors. I urge you to do so.Special acquisition vehicles, or Spacs, such as Digital World, typically raise money from investors through initial public offerings before seeking companies to go public.Once the Spac finds a target and agrees to terms, it will absorb that business and bring it into the stock market, allowing investors from both companies to slide. However, if the Spac's original investors don't like the deal, they can withdraw their cash.”As a publicly traded company, we will passionately pursue our vision of building a movement to take back the internet from big tech censorship,” said Devin Nunes, a former Republican lawmaker and current CEO of Trump Media. ” he said.
https://www.theguardian.com/us-news/2024/mar/26/trump-truth-social-public-new-york Trump's Truth Social to be worth nearly $8 billion when listed in New York | Donald Trump

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