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Trump’s Social Media Company To Start Trading On The Nasdaq On Tuesday

FILE - The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday, March 26, 2024. The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.” (AP Photo/John Minchillo, File)

Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.

Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote.

In midday trading, shares of Digital World soared nearly 22% to $45.10.

Former president Donald Trump is set to own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.

Trump has promoted Truth Social on the platform itself — on Friday he posted “I love Truth Social.”

Trump won’t be able to cash out the deal’s windfall immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.

The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.”

(AP)



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