Former US President Donald Trump becomes more affluent theoretically! How?
On Tuesday, the February 2022 launched social media platform became an independent public company with great numbers on Wall Street, owing to the Trump Media and Technology Group Corp. merger with a blank-check company called Digital World Acquisition Corp. a day prior.
Truth Social, the social media platform run by Trump Media and Technology Group Corp., has now replaced Digital World Acquisition Corp. at Nasdaq and is indexed as DJT(Donald John Trump).
The debutant social media platform’s shares hovered at $73, owing to a 59% surge in the stock. Donald Trump holds approximately 60% stake in the company, which is estimated to be $4.6 billion as a market value of $9 billion on an undiluted basis.
Positive development for Trump
The former Republican leader is currently facing four criminal trials and is struggling to keep his real estate venture intact. Additionally, as he prepares to return to the White House, Trump is facing a financial shortage to build a campaign. With Tuesday’s opening bell, his value was seen at $5.9 billion. However, the lock-up agreement restricts Trump from utilizing his share of the company’s stake for six months, but this can be waived by the board of directors.
The social media platform was launched as a consequence of the mass ban on Trump from various social media platforms. The number of sign-ups of Truth Social is at the forefront as compared to other platforms.
Despite this, the merger company Digital Acquisition had earlier stated that Donald Trump may disinvest in the company and his managerial responsibilities depending upon his Presidential bid.
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