Trump social media company soars in Nasdaq debut

NEW YORK: Shares of Trump Media & Technology Group soared Tuesday in its debut on the Nasdaq, adding to the former president’s expected windfall in the wake of legal problems.

One day after completing its merger with the shell company, Digital World Acquisition, Trump Media was up 36.3 percent at $68.09 near 1545 GMT.

The stock, trading under the “DJT” ticker, which are the initials of the former president and current presidential candidate, rose almost 60 percent at its peak earlier Tuesday and was halted at one point because of volatility.

“I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!,” Trump posted on the social media network.

US stocks bounce after prior session’s retreat

Trump launched Truth Social after he was kicked off mainstream platforms following the January 6 attack on the US Capitol by a mob of Trump supporters.

Trump has nearly 80 million shares of the venture, worth more than $5 billion at current pricing.

The listing comes as Trump faces a huge bond payment after a New York court ruled that he, his sons and their family business lied for years about the value of his assets.

On Monday, a New York appeals court cut the $454 million bond payment that had been due that day to $175 million and gave him 10 extra days to pay.

The nearly half billion originally owed had raised the possibility that New York authorities would move to seize Trump assets. Trump said on Monday that he would post the $175 million “within the 10 days.”