Trump Media ticker DJT debuts after DWAC merger | Wilnesh News

Donald Trump’s social media company began trading publicly on Tuesday morning under the ticker DJT, with shares rising more than 50% within minutes.

trade Trump Media Technology Group The rise briefly halted due to volatility before resuming around 9:40 a.m. ET. As of 9:50 a.m., more than 6.5 million shares of Trump Media had changed hands.

The former president used the stock to launch his publicly traded hotel and casino company with much fanfare in 1995, and nearly three decades later the stock debuted on the Nasdaq Stock Market.

Nine years later, the stock was ignominiously delisted from the New York Stock Exchange.

Trump Media’s merger with shell company Digital World Acquisition Corp. completed on Monday, allowing it to become publicly traded and adding nearly $4 billion in paper profits to Donald Trump’s net worth.

As of Tuesday’s open, Trump Media’s market valuation could be $6 billion, even though the company reported less than $3.5 million in revenue for the first three quarters of 2023 (that’s millions, not billions).

The company’s stock price surged more than 35% in the final trading session on Monday (DWAC ticker) after a New York appeals court reduced the amount of bond Trump must post to halt trade fraud collections from $454 million to $175 million. He handed down his sentence pending appeal.

The company’s closing price on Monday was just under $50 per share.

Trump’s notoriety has made the Trump Media-DWAC deal the most high-profile SPAC (special purpose acquisition company) merger in history.

The company’s shareholders may dream that its Truth Social app platform will increase its market share significantly enough to turn the company back into the black. If Trump is elected president in November, its growth may accelerate.

But for now, Trump Media, like previous companies trading under the DJT ticker, is a money-losing company.

Trump Media reported a loss of $49 million in the first nine months of 2023, more than 14 times its revenue.

Trump Hotels and Casino Resorts also made headlines in 1995 when it went public under the ticker DJT at $14 a share.

It has made personal money for Trump over the years.

According to a 2016 Washington Post article about the company, Trump received more than $44 million in salary from the company over the past decade, despite the company’s repeated failure to turn a profit.

After losing $1 billion, Trump Hotels filed for bankruptcy protection in November 2004, the same year DJT was delisted from the New York Stock Exchange.

“I don’t think of it as a failure, but as a success,” Trump told NBC News in 2004, when the bankruptcy filing listed $1.8 billion in debt and the stock price was about 50 cents a share.

“In this case, it just works better than the alternatives,” he said of bankruptcy.

“It was really just a technical issue, but it came together.”

This is developing news. Please check back for updates.