Trump’s Social Media Company Skyrockets in Wall Street Debut

Former President Donald Trump’s social media venture made a dazzling debut on Wall Street, with its shares skyrocketing by as much as 59% on the first day of trading. The surge in stock prices has significantly boosted Trump’s anticipated earnings, providing a financial cushion as he grapples with mounting legal challenges.

Trump Media & Technology Group, the company behind the social media platform Truth Social, saw its shares reach a peak of $79.38 before closing at $57.99, marking a 16% increase and pushing its market capitalization to nearly $8 billion.

Despite reporting operational losses of $10.6 million for the first nine months of 2023, the company’s merger with Digital World Acquisition fueled its strong market debut.

Truth Social was launched by Trump in response to his banishment from mainstream social media platforms like Facebook and Twitter after the January 6 Capitol riot. Despite being reinstated on those platforms, Trump has maintained his allegiance to Truth Social, where he holds a substantial ownership stake of almost 60%, valued at approximately $4.6 billion.

Trump’s enthusiastic endorsement of Truth Social on the platform itself underscores his commitment to the venture.

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Amidst his bid for re-election in November and facing four criminal trials, Trump has faced challenges in fundraising due to escalating legal expenses. A recent court ruling in New York demanded a significant bond payment from Trump and his family business for alleged asset valuation misrepresentation.

However, a subsequent decision by a New York appeals court reduced the payment to $175 million, granting Trump an additional ten days for settlement, which he has pledged to fulfill. These financial and legal battles add layers of complexity to Trump’s political and business endeavors as he navigates the post-presidential landscape.