Trumps Truth Social valued at over $9 billion in New York IPO | Donald Trump

The company behind Donald Trump's Truth Social went public Tuesday at a price that values ​​social network Minnow at more than $9 billion.

Shares of Digital World Acquisition, the shell company with which Trump's social media business is merging, have surged since the start of the year and are up more than 40% thanks to its combination with Trump Media & Technology.

The company trades under the symbol DJT, using Trump's initials.

The arrival of Trump Media on the market brought the former president a paper fortune of more than $5 billion. After the deal closed Monday, Bloomberg said Trump had joined the ranks of the world's 500 richest people for the first time.

But trading on Trump Media was so volatile after Tuesday's opening bell that it was briefly halted.

Trump, who is currently unable to shed his stake, will need the stock to continue trading at the levels it has surged to in recent months if he is to raise billions of dollars through a sale.

I LOVE SOCIAL TRUTH, he wrote on the platform shortly after Trump Media joined the Nasdaq stock exchange in New York. Investors finally backed a merger between Trump Media and Digital World last week, paving the way for the deal to close.

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It comes as Trump, who seeks to take back the presidency from Joe Biden in the November election, is saddled with hefty legal costs. He must pay $454 million after a civil fraud case, although the former president was put to the test Monday when a panel of appeals court judges gave him 10 days to get a much lower bond of 175 million dollars.

Trump Media has struggled since Truth Social's lackluster launch, generating sales of only about $5 million since 2021. But Digital World is increasingly seen as a so-called meme stock, driven by memes Internet published, in his case, on platforms such as Truth Social. urging retail investors to join.

Special purpose acquisition companies, or Spacs, such as Digital World raise money from investors through initial public offerings, before typically looking for a company to take public.

Once a SPAC finds and agrees to terms with a target, it absorbs the company and takes it public, allowing investors in both companies to take a step forward. If the original Spac investors don't like the deal, however, they can withdraw their money.

Devin Nunes, the former Republican congressman who is now CEO of Trump Media, said: “As a public company, we will passionately pursue our vision of building a movement to reclaim the Internet from big tech censors.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/us-news/2024/mar/26/trump-truth-social-public-new-york The mention sources can contact us to remove/changing this article

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