The stock price of Donald Trump’s digital media enterprise experienced a dramatic surge, exceeding 50% shortly after it commenced trading publicly under the symbol DJT on a Tuesday morning. This sharp increase in value led to a temporary suspension of trading due to market volatility, with trading resuming by approximately 9:40 a.m. Eastern Time. Within the first 10 minutes of trading, the volume of shares exchanged exceeded 6.5 million.
This marks a notable return to the Nasdaq for the former president, almost three decades following his venture into the public market with his hotel and casino business in 1995, a venture that was later removed from the New York Stock Exchange in 2004.
The choice of ticker symbol DJT is a tribute to the company’s ex-Chairman and Director, Donald J. Trump, who also served as the 45th President of the United States, as per a statement from Trump Media. The company emphasized the significance of its public trading debut, interpreting it as a reflection of the American public’s demand for a free-speech platform, one that stands against the censorship practices of major tech corporations.
The integration of Trump Media with the special purpose acquisition company Digital World Acquisition Corp. was finalized the preceding Monday, transitioning Trump Media into a publicly traded entity. This merger significantly increased Donald Trump’s net worth on paper by nearly $4 billion. Trump remains the principal owner of the company, with its board including Donald Trump Jr., alongside other key allies of the ex-president.
Despite a reported revenue of less than $3.5 million for the first three quarters of 2023, Trump Media’s market capitalization reached approximately $2.5 billion during Tuesday morning’s trading session. Interestingly, the company’s financials page on its website did not contain any specific data.
The company’s stock price saw a significant upswing of more than 35% on the Monday before switching to the DJT ticker. This increase came after a New York appellate court reduced the bond amount Donald Trump was required to deposit — from $454 million to $175 million — to delay the enforcement of a business fraud judgment while appealing the case, with the stock closing just under $50 per share on that day.
