President Trump’s Media Company Goes Public Amidst Legal Challenges: DWAC Soars on Nasdaq Debut.

By Eleanor Harrison Mar27,2024
Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

In the midst of legal challenges, former President Donald Trump’s media company is making its stock market debut. After months of delays and investigations by the Securities and Exchange Commission, DWAC shareholders have approved the merger with Trump Media & Technology Group.

On Tuesday, the newly formed company began trading under the “DJT” ticker symbol, and its stock price soared to $69.10 by 11:20 a.m. ET, reaching a high of $79.38 in the first half hour of trading. With President Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following the first day of trading on the Nasdaq.

The merger between Trump Media and Digital World Acquisition Corp. was initially proposed in October 2021 but faced delays due to regulatory investigations into potential misrepresentations between DWAC and Trump Media prior to the public offering. Despite these challenges, no changes have been announced to the merger terms, including a six-month lock-up period preventing major shareholders like President Trump from selling their shares.

Some observers see this move as an attempt by President Trump to boost his finances amidst mounting legal fees and penalties. With potential legal challenges continuing to mount, this move may prove beneficial for President Trump as he navigates future legal battles.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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