Trump’s Truth Social stock soars on its first day on Nasdaq

Donald Trump’s social media platform, known as Truth Social soared on its first day of trading. The stock soared by roughly 50% after hitting the Nasdaq exchange under the ticker symbol DJT, but then dipped by the closing bell.

The stock ultimately ended the day at $57.99, translating to a 16% gain according to CBS News. This public debut follows Truth Social’s merger with a special purpose acquisition company (SPAC) named Digital World Acquisition Corp.

The merger allowed Truth Social to become a publicly traded company. Former California Representative Devin Nunes leads the company, and filings with the Securities and Exchange Commission (SEC) indicate that Trump will hold a controlling stake of at least 58%.

While Trump’s initial ownership is valued at roughly $3 billion, there are limitations on how and when he can access those funds. This, along with the company’s structure and board, has sparked speculation that Trump might utilize Truth Social for a stock buy-back to cover a recently reduced civil fraud judgment of $175 million.

Interestingly, this isn’t Trump’s first foray into the stock market. In 1995, Trump Hotels Casinos & Resorts also debuted under the DJT ticker symbol. Unfortunately, that company filed for bankruptcy in 2004.