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Trump Media & Technology Stock Surges in Debut of Truth Social Ownership

The newly merged Trump Media & Technology Group saw a significant increase in stock prices as it debuted under the new “DJT” ticker symbol on Tuesday morning. This comes after DWAC shareholders approved the merger on Friday, leading to a surge in DWAC’s stock on Monday.

Former President Donald Trump holds approximately 80 million shares in the company, valued between $3 billion and $4 billion at the time of the merger announcement. The value is expected to increase significantly after the first day of trading on the Nasdaq.

Trump Media initially revealed plans to merge with blank check company DWAC in October 2021. Regulatory investigations into whether DWAC misled investors on talks with Trump Media delayed the process. Despite these delays, the merger process has proceeded without any changes to its terms, including a six-month lock-up period that prevents shares held by the former president and major stakeholders from being sold.

The merger was approved by DWAC shareholders on Friday, which led to an increase in DWAC’s stock price on Monday. On Tuesday morning, Trump Media stock experienced a 38% increase to $69.10 by 11:20 a.m. ET before reaching its high of $79.38 in the first half-hour of trading under its new ticker symbol “DJT.”

Some have speculated that Trump Media’s decision to go public is aimed at improving Trump’s financial situation as he faces mounting legal fees and penalties. However, it remains unclear how this will impact his ability to continue his legal challenges or navigate other issues facing him as he potentially seeks another run for presidency in 2022.

By Samantha Jones

As a dedicated content writer at newsaca.com, I bring a unique blend of creativity and precision to my work. With a passion for storytelling and a keen eye for detail, I strive to craft engaging and informative articles that captivate our readers. From breaking news to thought-provoking features, I am committed to delivering content that resonates with our audience and keeps them coming back for more. Join me on this exciting journey as we explore the ever-evolving world of news and information together.

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