Former US President Donald Trump’s social media startup Truth Social made a spectacular debut on the stock market on Tuesday, rising more than 50% at the opening of trade.
Trump Media & Technology Group started trading on the Nasdaq index using Donald John Trump’s initials, “DJT,” as its ticker. By 10:30 a.m. ET, the stock had dropped from its initial jump to about $71 per share, which was 42% higher than its Monday closing price.
At the same time, Trump’s valuation has increased to about $5.9 billion due to his substantial majority holding of roughly 79 million shares in DJT.
Early on Tuesday morning, Trump praised the stock’s outstanding performance in a post on his platform.
Thomas Hayes, chairman of Great Hill Capital, stated of the Truth Social stock, “I would not jump in front of it in the short future, but the value of the firm is wealthy relative to its core fundamentals.” He went on, “This price may be more of a proxy for Trump supporters’ fervor than a realistic assessment of core business possibilities.”
Before Tuesday’s opening bell on the Bloomberg Billionaires Index, the 45th president’s net worth increased to $6.5 billion. The rise in revenue coincides with a decision by a state appeals court in New York to postpone the $454 million civil fraud judgment collection, provided the plaintiff makes the $175 million reduced payment within ten days.
As long as Trump posts the $175 million bail, the state of New York cannot seize his assets while he files an appeal.
However, lock-up provisions that could prohibit him from selling or borrowing against his shares would probably hinder Trump from using his acquired money from DJT for six months. Concerns regarding the company’s ability to maintain a stable financial foundation still exist.
Author: Steven Sinclaire
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