Shares In Truth Social Parent Trim Initial Gains But Still Impress In Nasdaq Debut, Boosting Value Of Donald Trump’s Majority Stake To $4.5B
deadline.comShares in Truth Social parent Trump Media & Technology Group gave back most of their initial gains but still posted a strong debut on the Nasdaq, boosting the value of Donald Trump‘s majority stake.
The start of trading for the stock, which resulted from a SPAC merger finalized last week, was not accompanied by the usual Wall Street pageantry of an opening-bell ringing ceremony or grip-and-grin photography.
Still, a surge of initial interest in the stock Tuesday morning prompted market officials to briefly halt trading. Once it resumed, shares eventually pulled back after rising as much as 50%, posting a 16% increase to finish the day at $57.99.
At that price, Trump’s roughly 60% stake in the company would be worth about $4.5 billion, a conveniently timed windfall given the former president’s many legal obligations.
Read more on deadline.com
