Shares of Donald Trump's media company soared on Tuesday as it went public on the Nasdaq, offering a breath of fresh air to the finances of the former US president, who faces costly lawsuits.
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The media company of former US President Donald Trump made a strong start on the New York Stock Exchange on Tuesday, March 26, on its first day of trading under the acronym DJT, those of the future Republican presidential candidate.
DJT's shares in Trump Media and Technology Group (TMTG), which oversees social network Truth Social, rose more than 34% to $66.36 at around 15:55 GMT.
“I love Truth Social, I love the truth,” Donald Trump said Tuesday about his network, created in 2022, hailing the success of the stock on the Nasdaq.
Shortly after the opening of trading on Wall Street, DJT shares, in high demand, had to be suspended for a few minutes before resuming trading.
On Friday, a general meeting of the holding company – also known as a SPAC – Digital World Acquisition Corp (DWAC), a listed vehicle intended to transport another company, had voted in favor of a merger with TMTG, the company of Trump.
Stake valued at more than $5 billion
Donald Trump is the main shareholder of TMTG, and will control several tens of millions of shares in the new listed company. By various estimates, his stake is valued on paper at more than $5 billion, given the current share price.
In any case, this IPO will be a breath of fresh air for the finances of the former president, processed on several fronts.
On Monday, the New York justice system eased financial pressure on the future presidential candidate by reducing his bail in a civil suit to $175 million, but refused to further postpone his historic criminal trial, which is scheduled to begin on April 15. .
*Adapted from its original in French
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