(ConservativeJournal.org) – After its debut for public trading on Tuesday, March 26, Donald Trump’s social media company’s stock hit a huge surge during its opening hours. Trump Media & Technology Group is trading under the symbol of DJT.
Trump Media merged with Digital World Acquisition Corp., which enabled its public listing. The initial debut was very volatile in terms of value, which led to a temporary halt. However, by 9:50 AM ET, over 6.5 million shares had already been traded. With a market valuation surpassing $8.4 billion, Trump Media became a significant player in the social media and stocks landscape.
The DJT symbol is a nod to Trump’s previous ventures, including his publicly traded hotel and casino company launched in 1995. Although that venture was later delisted, Trump Media chose the symbol to honor the former president.
The company’s statement emphasized Americans’ demand for free-speech platforms, fueled by their concerns about Big Tech censorship.
Trump himself is the majority shareholder, along with his son and close associates. SEC filings revealed Trump’s huge stake in the company, worth nearly $6 billion. Trump’s stake in the company is subject to a six-month period where it’s locked, which restricts share sales. However, the board could grant exceptions.
However, despite its high valuation, Trump Media reported relatively low revenue: less than $3.5 million over three quarters in 2023. While Trump Media’s future seems optimistic, particularly with its Truth Social app, its current financial performance reveals a bit of a different story, with quarterly losses exceeding any income made.
The history of Trump’s previous ventures, such as Trump Hotels and Casino Resorts, shows both the successes and challenges he had in the business world. These include bankruptcy filings despite his significant personal earnings.
Despite uncertainties, investors are hopeful about the growth potential of Trump Media, especially if Trump’s political fortunes align with its success. However, for now, the company faces financial hurdles on its path to profitability.
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