Shares in Trump Media & Technology Group Corp (TMTG), the firm behind the social media platform Truth Social, which was established by former U.S. President Donald Trump, saw a significant increase in its value during its debut on the Nasdaq stock exchange on Tuesday.
TMTG shares surged by up to 50% during initial trading, ending the day 16.1% higher, which equates to a market valuation of $6.58 billion. As of Wednesday's pre-market activity, the shares had risen a further 14%.
The company's entry to the stock exchange follows its business merger with the special purpose acquisition company Digital World Acquisition Corp. TMTG's decision to use the stock ticker "DJT" is a nod to its former Chairman and Director, as well as the 45th President of the United States, Donald J. Trump.
TMTG's venture into public trading is, according to the firm, a response to American public's demand for free-speech platforms that are free from the alleged censorship of Big Tech companies.
TMTG CEO Devin Nunes stated, "We built this company to protect the American people's voices and their freedom. With our transformation into a public company, Truth Social remains committed to maintaining and vigorously defending a digital space for free expression."
In October 2021, Trump publicized the creation of his own social media platform, TRUTH Social. The platform was exclusive to invited guests only, following his ban from various other platforms due to his controversial posts.
Following an attack on the US Capitol in January 2021—an event which many believe he incited—Twitter, YouTube, and Facebook all banned Trump.
By the close of Tuesday's activity on the Nasdaq, TMTG shares stood at $57.99, reflecting a 16.10% increase. In pre-market trading, shares have risen to $66, marking a 13.81% increase.
