Trump’s Social Media Company to Begin Trading on Stock Markets
Former President Trump’s social media company is poised to commence trading on stock markets on Tuesday, potentially earning him billions of dollars. The company, responsible for Trump’s Truth Social app, will debut on the Nasdaq exchange, possibly yielding over $3 billion to the former president. The company, Trump Media and Technology Group, will transform into a public entity following a merger with Digital World Acquisition Corporation (DWAC), a listed shell company created for this purpose.
Details of the Merger and Potential Earnings
Trump Media will be traded under the symbol DJT, representing Donald J. Trump. With a minimum ownership stake of 58% in the merged entity, the former president’s holdings could be valued at billions. However, due to ongoing legal challenges, Trump might face restrictions on selling his shares for up to six months. He could explore renegotiating his agreement or offering his stock as collateral for a loan.
Legal Challenges and Financial Performance
Trump is currently entangled in various legal battles, including a civil fraud case where the bond amount was recently reduced to $175 million. Despite these challenges, he remains optimistic about Truth Social’s performance, describing it as “hot as a pistol.” However, financial filings reveal that the platform generated revenue of just over $3 million in the first nine months of the previous year, with losses nearing $50 million during the same period.