Donald Trump's social media company Truth Social soars over 30% on first day of trading on Nasdaq

Truth Social's shares soared in the stock market, boosting the value of the former US president's large holdings in the company

Donald Trump's social media company, Truth Social, jumped more than 30% on its first day of trading on Nasdaq. Trump's equivalent of X, formerly Twitter, went public for the first time after its successful merger with DWAC. After Monday's merger, Truth Social's parent company, Trump Media, took over Digital World’s place on the Nasdaq stock exchange. As of 12 pm ET, share prices were up by 34% to $67.

Donald Trump's Truth Social jumps more than 30% on Nasdaq(AP)

Trump's Truth Social soars on Nasdaq following DWAC merger

Truth Social's shares soared in the stock market, boosting the value of the former US president's large holdings in the company. Prior to the trading, Trump Media had a market value of about $6.8 billion, a figure that will rise significantly if the gains in the shares hold, per Associated Press.

The shares are trading in the stock market under the ticket DJT, which stands for the presumptive GOP nominee's initials. Trump's ownership stake in the company is nearly 60%. DJT sent the stock market into a frenzy as Nasdaq had to briefly halt its trading barely two minutes after it began.

The outlet adds that many of Trump Media’s investors are small-time investors either trying to support Trump or aiming to cash in on the mania instead of big institutional and professional investors. On Tuesday, March 26, the most trending topic on Truth Social was #DJT.

Trump made sure to express his contentment as he told reporters on Monday that “Truth Social is doing very well. It’s hot as a pistol and doing great,” per AP. To mark the first day of trading, he shared a post on the platform on Tuesday- “I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!”

In a regulatory filing, Trump Media admitted that the company “is highly dependent on the popularity and presence of President Trump,” adding that it would be “significantly disadvantaged” should he limit or discontinue his relationship with the company.