DWAC’s Meteoric Surge on First Day of Trading as Merger with Trump Media Goes Public

Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

On Tuesday, Trump Media & Technology Group stock experienced a surge on its first day of trading following its merger with Digital World Acquisition Corp. Formed under the stock ticker “DJT,” representing former President Donald J. Trump’s initials, the newly combined company is attracting significant attention in the market. After months of delays due to Securities and Exchange Commission investigations, DWAC shareholders finally approved the merger on Friday.

As markets opened for trading on Tuesday, DWAC’s stock surged 38% to $69.10 by 11:20 a.m. ET, reaching a high of 59% at $79.38 in the first half hour of trading. With former President Donald Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following the first day of trading on the Nasdaq.

The merger between Trump Media and Digital World Acquisition Corp. was initially proposed in October 2021, but faced delays as regulators investigated potential misrepresentation of talks between DWAC and Trump Media prior to the public offering. Despite these challenges, no changes have been announced to the merger terms, including a six-month lock-up period preventing major shareholders like the ex-president from selling their shares.

Some observers see Trump Media’s decision to go public as a means of boosting President Trump’s finances amidst mounting legal fees and penalties. With potential legal challenges continuing to mount, this move may prove beneficial for the former president as he navigates future legal battles.

In conclusion, The surge in DWAC’s stock on Monday after its shareholders approved merger with Trump Media & Technology Group reflects investors’ excitement about this new venture. The newly formed company will be traded under “DJT” ticker and it will attract significant attention in the market due to its links with former President Donald J

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