Trump's social media shares surge on first day of trading

The social media company owned by former President Donald Trump got off to a fast start in its stock market debut on Tuesday.

shares Trump Media and Technology Group, the parent company of Truth Social, rose more than 50% in the first minutes of trading. The quick move triggered a five-minute trading halt, which exchanges use to check volatile stock movements.

Interest remained hot for most of the day, though the stock pulled back toward the end of trading, finishing up nearly 16%. It was also one of the most actively traded stocks on the Nasdaq, according to CNBC data.

Trump appeared to celebrate the stock's performance through a post on his platform late Tuesday morning.

Shareholders in the shell company Digital World Acquisition Corp, or DWAC, voted on Friday to approve a merger with Trump's social media company. The long-awaited deal brought Trump Media and Technology Group into the public market, allowing people to easily buy and sell its shares. DWAC stock has been trading since September 2021.

The stock, which now trades under the ticker DJT, is being closely watched largely because its fortunes could have a major impact on Trump's strained finances. The former president's net worth, at least on paper, is now More than $6 billionaccording to Bloomberg.

Trump has 10 days to post a $175 million bond for the judgment in his civil fraud trial in New York — an amount that was reduced Monday from $464 million. Trump said on Friday that he has at least $500 million in cash.

Any windfall for Trump from DJT stock will take some time. As part of the merger, he cannot sell his shares for six months, although that could change if the company's board votes to allow him to liquidate some of his shares.

There are questions about the company's financial health as well. During the first nine months of last year, Trump Media lost more than $49 million while generating revenue of nearly $3.4 million, according to a report published by the Times of India website. Latest financial data available. X, the company formerly known as Twitter, did just that About $2.5 billion in revenue last year.