Trump’s Truth Social gains in its first day of Nasdaq trading

Trump's social media company shares surged by 16% on the first day of trading, boosting the value of both the former president's stake and supporters' holdings.

On the first day of trading on the Nasdaq, shares in Donald Trump's social media company increased by almost 16%, increasing the value of both Trump's sizable ownership in the business and the lesser holdings of supporters who bought shares to express their support for the former president. Digital World's spot on the Nasdaq stock exchange has now been usurped by Trump Media, the company that operates the social media network Truth Social. After closing 16.1% higher at $57.99, the company's market worth was $7.85 billion. The stock had a 59% gain at one time. At present, Trump owns roughly 60% of the company, which is valued at over $4.6 billion.

Instead of large institutional and professional investors, many of those funding Trump Media are part-time investors hoping to profit from the frenzy or support Trump. Due to the support of those shareholders, Digital World's shares more than doubled this year as a result of the anticipated merger. Following the Jan. 6 uprising at the U.S. Capitol, Trump was barred from using several major social media sites, including Facebook and X, the old Twitter. A year later, in February 2022, Truth Social was established. He has remained with Truth Social but has recently been let back into both, Facebook and X.