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Trump Media Goes Public Via SPAC Deal

Former U.S. President Donald Trump’s social media company will begin trading today (March 26) on the Nasdaq exchange under the ticker symbol “DJT.”

The company, called Trump Media & Technology Group, owns the Truth Social app that is a rival to X, formerly known as Twitter.

Trump Media is going public through a special purpose acquisition company (SPAC) merger with shell company Digital World Acquisition Corp. (DWAC).

Digital World’s share price soared more than 30% on March 25 after the SPAC combination was approved by shareholders, paving the way for Trump Media to begin trading on the Nasdaq.

Trump owns at least 58% of the company, a stake that is worth $3 billion U.S. based on the current share price. However, Trump cannot sell any shares for six months.

Trump Media will continue to be led by Devin Nunes and his current management team, who had operated the private company before it merged with Digital World Acquisition Corp.

On its last day of trading before the merger, DWAC stock closed at $49.95 U.S. per share, up 186% so far in 2024.