Home Mutual Funds What You Need to Know Ahead of Truth Social Owner Trump Media’s Trading Debut Tuesday

What You Need to Know Ahead of Truth Social Owner Trump Media’s Trading Debut Tuesday

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Key Takeaways

  • Digital World Acquisition Corp. and Trump Media & Technology have completed their merger, the companies announced Monday.
  • The newly merged company will begin trading on the Nasdaq under the ticker “DJT,” which stands for Donald J. Trump, on Tuesday.
  • Former president Donald J. Trump owns a majority stake of nearly 80 million shares of the newly formed company worth an estimated $4 billion as of Monday.

Trump Media & Technology Group (TMTG), the media company of former president Donald J. Trump and owner of social media network Truth Social, said Monday it completed its merger with blank check company Digital World Acquisition Corp. (DWAC) and will start trading as a combined entity Tuesday.

The newly merged company will trade on the Nasdaq under the ticker “DJT,” which stands for the former president’s initials. DWAC shareholders approved the merger Friday, after it was initiated in October 2021 and delayed by investigations by regulators.

Trump, who is involved in several high-profile court cases and has incurred hundreds of millions of dollars in legal expenses and penalties, is the new company’s dominant shareholder with nearly 80 million shares that could be worth an estimated $4 billion as of Monday.

Under the terms of the merger agreement, Trump is required to hold those shares for a six-month lock-up period. However, it’s possible the requirement could be waived by the new company’s board.

Former Congressman Devin Nunes will be the CEO of the new company after serving as CEO of TMTG, and the former CEO of DWAC Eric Swider will become a director at the new TMTG.

“As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” said Nunes in a release. 

DWAC shares surged over 35% Monday to close at $49.95. They’ve nearly tripled in value since the start of the year.

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