Trump’s Multibillion-Dollar Social Media Company Will Start Trading on Tuesday – The New York Times
The article discusses the finalized deal for Trump Media & Technology Group, which owns Truth Social, to go public, resulting in a significant increase in former President Donald Trump’s net worth. Trump’s estimated net worth has doubled, reaching $6.5 billion, with a $4 billion spike on Monday alone. The merger with Digital World Acquisition Corp. has led to a substantial windfall for Trump, making him the chairman and dominant shareholder of the new company. The stock market debut is scheduled for Tuesday, with shares trading under the ticker symbol “DJT” on the Nasdaq Stock Market. CEO Devin Nunes emphasizes the company’s aim to challenge Big Tech censorship and promote free expression. However, experts caution that the market may be overvaluing Trump Media, citing its modest revenue of $3.4 million and a net loss of $49 million over nine months. Additionally, Truth Social’s user base is declining, raising concerns about its long-term viability. Despite this, trading frenzy surrounding DWAC shares and community engagement on Truth Social highlight investor enthusiasm and support for the merger.
#TrumpMedia #NetWorth #SocialMedia #TechNews #FreeSpeech