- Donald Trump's media company is listed in its first session after the merger.
- Trump Media & Technology Group trades under the ticker DJT.
- Trump Media owns the Truth Social platform.
- Trump's stake in the company closed the day at around $4.5 billion.
After shooting above $79 early in the session on Tuesday, Trump Media & Technology Group (DJT) fell back below $58. The company closed the session with a 16% gain, but this is somewhat surprising as DJT stock advanced as much as 59% during the session.
It was the first day in which the previously called Digital World Acquisition Corp (DWAC), the special purpose acquisition company or SPAC that merged with Trump Media, went public following the merger. The SPAC itself has been listed on the Nasdaq since October 2021.
The equity market moved inversely to DJT stock, even as US Treasury yields fell across the curve. The Dow Jones performed best, with a drop of 0.08%. The S&P 500 fell 0.28% and the Nasdaq fell 0.42%.
Trump Media News
Former President Donald J. Trump, of course, founded the company, which owns the conservative-oriented social media platform Truth Social. The company only had just over $3 million in revenue during the first three quarters of 2023, but some are betting that Trump's personality will turn Truth Social into a niche competitor with Mark Zuckerberg's Facebook and Elon Musk's X.
The merger comes just in time for Donald Trump, who needs to raise $454 million if his appeal in the New York civil fraud trial is unsuccessful. Trump lost his first round in court when the judge found that Trump had illegally inflated his wealth on several occasions to receive loans from banks.
The elder Trump owns about 78 million shares of DJT, making his stake in Trump Media worth more than $4.5 billion as of Tuesday's close, about ten times his nine-figure verdict in the civil trial.
Trump Media continues to be led by its CEO, Devin Nunes, the former Californian member of the House of Representatives who maintained a close relationship with Trump during the latter's presidency.
A total of 53,482,409 Trump Media shares were traded during Tuesday's session, out of a total of approximately 136 million shares. The best thing it has going for it is that Donald Trump has secured the Republican nomination for president, so the social network and the stock are likely to be in a lot of news over the next eight months until the elections in early November.
Trump Media Forecast
DJT shares rose at the open on Tuesday, but then spent the rest of the session adrift. DJT reached a daily high of $79.38, but closed at $57.99. The closing price approached the January 23 high.
Several days higher are expected for the rest of the week, before investors have the opportunity to target Tuesday's intraday high again. Both the Awesome Oscillator and the Relative Strength Index (RSI) tell us that there is more room to go up.
DJT daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
