Trump’s social media company debut sends shares soaring
STORY: Trump Media & Technology Group’s shares surged
more than 36% on its first day on the NASDAQ
with shares hovering around $68
The company’s market capitalization was
over $9 billion on an undiluted basis
(Thomas Hayes, Great Hill Capital chairman)
"This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects."
Trump's majority stake in TMTG
was last valued at over $5 billion
But lock-up restrictions for six months could
prevent him from selling or borrowing for now
He is currently facing four criminal
trials in his race for the U.S. presidency
And has been struggling to raise money
for his campaign and legal expenses.
Shares of blank-check firm Digital World Acquisition Corp, now
TMTG, surged more than 35% after completing its merger
