(Congress Report) – Former President Donald Trump got some great news on Tuesday as the stock price of Truth Social’s parent company went through the roof during the early hours of its first official trading day, with the price climbing by over 40 percent. Additionally, on Monday of this week a court ruling reduced the amount Trump would be required to pay as a bond in his civil fraud case. These are big, important wins.
An article from the Daily Caller noted, “Shareholders of Digital World Acquisition Corporation (DWAC) voted to approve a merger with former President Donald Trump’s Trump Media and Technology Group (TMTG), the parent company of Truth Social, Friday, leading to Tuesday’s Wall Street debut. Trump received 79 million shares of stock worth over $3 billion, The Hill reported.”
“DWAC shares traded at $49.95 at Monday’s close, according to Yahoo Finance, while the new DJT symbol that replaced DWAC is trading at over $73 as of Tuesday morning, increasing the value of Trump’s holdings by over $1 billion. Trump could receive 40 million additional shares by the end of April based on the stock’s performance, New York Magazine reported,” the piece continued.
The former president first announced he would be launching a social media platform in October 2021, which was nine months after he was given a permanent ban from Twitter and other social media sites following the Jan. 6, 2021 riot.
In November 2022, following a poll by the company’s new owner, Elon Musk, Twitter reinstated Trump’s account.
“Trump reportedly signed a contract requiring him to post original content to Truth Social, which is owned by TMTG, and to not repost to other social media sites for six hours, according to TechCrunch. TMTG’s website states that a planned subscription-based streaming service known as TMTG+ would offer ‘access to non-woke entertainment, news, documentaries, podcasts and more,'” the DC said.
A spokesperson representing TMTG pointed the Daily Caller toward a statement from CEO Devin Nunes that was released on Tuesday morning.
“We built this company to protect the American people’s voices and their freedom,” Nunes’ statement read. “Having transformed into a public company, Truth Social remains committed to maintaining and vehemently defending a digital space for free expression.”
The company closed out Tuesday at $57.99, up $8.04 from Monday, an increase of 16.10 percent.
Not too shabby.
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