Truth Social hits Wall Street

by Rebecca Klar and Julia Shapero - 03/26/24 5:32 PM ET

A screen displays Truth Social stock information. — Yuki Iwamura, Bloomberg via Getty Images
A screen displaying Truth Social stock information is seen outside the Nasdaq MarketSite in New York on March 26, 2024. The stock market bounced back, with traders adjusting their positions in the final few days of a banner quarter.

Technology

The Big Story

Truth Social parent makes stock market debut

Shares of former President Trump’s media startup rose nearly 50 percent after debuting on the stock market Tuesday morning, briefly triggering a pause in trading.

Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday after a years-long effort to merge with a special purpose acquisition company (SPAC).

Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuesday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted. By market close, Trump Media stock was trading at around $58.

Shareholders in the SPAC, Digital World Acquisition Corp., approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall.

Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the completion of the merger.

Read more in a full report at TheHill.com.

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