Former President Donald Trump’s social media company will begin trading Tuesday under the ticker symbol DJT, the company itself announced in a new regulatory filing on Monday.
The newly merged company will be called Trump Media & Technology Group Corp. (TMTG) and listed on the NASDAQ market. Trump retains a commanding 58% ownership of the merged entity, which, based on current share prices, is worth upwards of $3 billion. Eric Swider, the former CEO of DWAC, will join the board of directors. “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” said TMTG CEO Devin Nunes. “We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors. As we mark this milestone, I want to particularly thank Eric Swider for his unflagging dedication to our deal and our cause.” On the financial front, the news has appeared dire for former president Donald Trump this year. Within a span of just a month, two judges in two separate cases ordered him to pay about $540 million in total — a sum so great that pundits have speculated it could erode his campaign finances.
What’s gotten far less attention, though, is this: A frenetic rally in a stock tied to Trump Media & Technology Group — which operates the Truth Social platform he posts on daily — has minted a nearly $4 billion windfall for him.
There are any number of caveats to this figure, including how it’s only a paper profit for now that he’ll have to wait months to monetize, and yet the stock’s surge is a potentially huge financial boost for a billionaire candidate suddenly short on cash. The type of transaction — known as a de-SPAC or blank-check deal — that would hand Trump this new-found wealth is a complex one that briefly became popular on Wall Street during the stock mania unleashed by pandemic-era stimulus. In this particular deal, Truth Social’s owner would enter the stock market by merging with a publicly traded company called Digital World Acquisition Corp.
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