- Trump Media & Technology Group, operator of the social media platform Truth Social, began trading today on the Nasdaq
- The social media stock is up by 42.94 per cent as of 10:37 am ET, trading at US$71.40 per share
- Trump Media & Technology Group describes its mission as ending big tech’s assault on free speech by opening up the internet and giving people their voices back
Trump Media & Technology Group (NDAQ:DJT), operator of the social media platform Truth Social, began trading Tuesday on the Nasdaq.
Former U.S. President Donald Trump owns 80 million shares, or 58 per cent of the company. Based on the current price of DJT shares, which are up by 42.94 per cent as of 10:37 am ET to US$71.40 per share, his stake is worth about US$5.7 billion.
Trump will not be able to sell his shares for six months, which might prove costly given Trump Media’s history of dismal financial performance. The company generated US$3.4 million in revenue – including US$49 million in losses – over the first nine months of 2023, which is about 160 times less than Reddit, a recent IPO. Despite this disparity, Wall Street valued Trump Media at about US$14 billion, with Reddit coming in at only US$6.4 billion.
Trump Media describes its flagship asset, Truth Social, as a social media platform that protects free expression against the censorship efforts of big tech corporations. According to CNN, the platform had 494,000 monthly active users in the U.S. across iOS and Android in February 2024, a far cry from 75 million on X (formerly known as Twitter) and 142 million on Facebook.
The news follows the successful merger between Trump Media and Digital World Acquisition, a special purpose acquisition vehicle (SPAC). Digital World’s ticker symbol has changed from DWAC to DJT to “pay homage” to Trump, according to a news release, who previously served as Trump Media’s chairman and director.
Management insights
“We built this company to protect the American people’s voices and their freedom,” Devin Nunes, Trump Media’s chief executive officer, said in a statement. “Having transformed into a public company, Truth Social remains committed to maintaining and vehemently defending a digital space for free expression.”
About Trump Media
Trump Media & Technology Group is dedicated to ending big tech’s assault on free speech by opening up the internet and giving people their voices back.
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