On its inaugural day of trading, Truth Social experienced a remarkable surge on Wall Street.
The social media platform, established by former President Donald Trump and traded under his initials, garnered significant interest from investors on Tuesday, as reported by Yahoo Finance.
The platform’s success was so substantial that trading had to be temporarily halted.
Trump Media and Technology Group, the parent company of Truth Social, is listed on the Nasdaq exchange with the ticker symbol “DJT” – a recognizable acronym for those even remotely familiar with American politics since Trump’s entrance into the political sphere in 2015, following his prominent status as a billionaire real estate tycoon and reality TV personality.
?Donald Trump’s Truth Social is officially public and trading under the ticker $DJT pic.twitter.com/2wS8C64wFS
— Benny Johnson (@bennyjohnson) March 26, 2024
The recent establishment of the new company was a result of the merger between Trump Media and Technology and Digital World Acquisition Corp., as reported by The New York Times on Friday.
As of 1 p.m. on Tuesday, the company’s stock was being traded at $72.73 per share.
Previously, the company was identified by the Wall Street ticker symbol DWAC, which has now been replaced by DJT.
On Monday, DWAC closed at approximately $50 per share, according to Yahoo Finance.
The trading activity of the new company’s shares on Tuesday was so active that it had to be temporarily halted shortly after the opening bell, as reported by AOL.
Once trading resumed, the stock began to rise again.
Supporters of the former president enthusiastically celebrated the initial success of the stock.
Donald Trumps Truth Social has officially gone public! (DJT)
Let the liberal snowflakes meltdown commence ?? pic.twitter.com/mQofCvjJY8— Vince Langman (@LangmanVince) March 26, 2024
Throwing Donald Trump off of Twitter and causing him to create TruthSocial and DWAC, was the dumbest freaking thing they could’ve done. pic.twitter.com/JHd7qFIJaU
— Brian Cates – Political Columnist & Pundit (@drawandstrike) March 26, 2024
Donald Trump’s DWAC is now trading under the stock symbol: DJT & just hit $71 per share hahaha ?
Donald is making BILLIONS on taking truth social public & making liberal Karen’s scream ? ?
— Doug Osborne (@DougOsb70438101) March 26, 2024
Apart from the captivating nature of anything associated with Trump, given his status as the expected Republican presidential nominee and his confrontation with four criminal cases filed by Democrat prosecutors, the DJT stock garnered significant attention due to the pending civil judgment against him in New York. (The fact that Trump was not required to post a bond on Monday did not diminish the interest surrounding the case.)
According to USA Today, Trump personally holds approximately 60 percent ownership of the company.
Certain observers perceived the stock price from a political standpoint rather than as an assessment of the stock’s long-term financial prospects.
“This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects,” Thomas Hayes, chairman of Great Hill Capital, a New York hedge fund, told the Post.
