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.
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