Former President Donald Trump is coming to the market with Trump Media & Technology Group, the owner of Truth Social, trading on the Nasdaq Tuesday under the ticker symbols "DJT," for common stock, and with public warrants as "DJTWW."
Trump Media stock jumped 16% to 57.00 during market action on Tuesday, hitting a high of 79.38 intraday. This follows Digital World Acquisition became Trump Media & Technology Group after successfully merging with Trump's tech and social-media platform on Friday. Ahead of becoming DJT, DWAC shares surged more than 35% to around 50 on Monday.
DWAC took Trump Media and Technology Group (TMTG) public in a reverse merger. After a prolonged battle, DWAC stockholders on Friday voted in favor of the special purpose acquisition company's merger with TMTG. Trump Media is the parent of the conservative social-media platform Truth Social. DWAC now operates as Trump Media & Technology Group.
"With many of our headwinds behind us, we look forward to working with TMTG and our dedicated team to close this merger," Digital World Chief Executive Eric Swider said in a statement late Friday.
Trump's stake in TMTG is valued at more than $3 billion, based on the current price of Trump Media stock.
Trump, DWAC And Trump Media
Truth Social launched after Twitter, now X, shut down Trump's account following the Jan. 6, 2021, riot at the U.S. Capitol.
In October 2021, Truth Media and DWAC announced their plan to merge. Federal investigations delayed the proposed merger for years. However, on Feb. 14, DWAC announced the U.S. Securities and Exchange Commission (SEC) proclaimed the merger's registration statement was effective, approving the proposed combination to go forward.
The Donald Trump brand and the value of Trump Media are closely related. Trump's current status as the top Republican candidate for president figures squarely into the stock's gains so far this year. Federal charges could potentially tarnish that brand, according to company filings, although so far that has not been the case.
Ahead of Tuesday's conversion to DJT and DJTWW, DWAC stock was up around 140% in 2024, according to MarketSurge analysis.
Please follow Kit Norton on X, formerly known as Twitter, @KitNorton for more coverage.
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