Donald Trump's social media company rises on Wall Street for the first time | Social media news

Trump Media and Technology Group closed up 16 percent, giving the company a market value of about $8 billion.

Shares of former Donald Trump's social media company rose as much as 59 percent on the first day of trading on Wall Street, fueling a windfall for the former US president as he faces a growing list of legal bills.

Trump Media & Technology Group reached $79.38 a share at its peak on Tuesday, before closing up 16 percent at $57.99, giving the company a market value of about $8 billion.

Trump Media's market debut, despite operating losses of $10.6 million for the first nine months of 2023, came one day after it completed its merger with shell company Digital World Acquisition.

Trump launched the social media platform Truth Social after he was kicked off major platforms, including Facebook and Twitter, in the wake of the January 6 insurrection at the US Capitol.

The Republican contender for the 2024 US presidential election has since been reinstated in both but has stuck with Truth Social.

Trump has a nearly 60% ownership stake in the company, which is now worth about $4.6 billion.

“I love social truth, I love truth!” Trump wrote on the social media network on Tuesday.

Trump faces four criminal trials as he seeks re-election in a showdown with US President Joe Biden in November, struggling to raise money for his campaign and mounting legal expenses.

Trump currently faces a huge bond payment after a New York court ruled that he, his children and their family business lied for years about the value of his assets.

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A New York appeals court on Monday reduced the $454 million bond payment that was due that day to $175 million and gave him an additional 10 days to pay, which Trump said he would do.

The original amount raised the possibility that New York authorities would move to confiscate Trump's assets.

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