Trump’s Media Company Surges for Second Day after Stellar Debut
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2024/03/2024-03-26T191455Z_732461170_RC2PT6AL0Q1N_RTRMADP_3_USA-STOCKS-TRUMP.jpg)
A man looks at a screen that displays trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26, 2024.
12:43 JST, March 28, 2024
Shares of Trump Media & Technology Group surged 17% on Wednesday, extending gains from their stellar Nasdaq debut to the second day, fueled by retail investors including supporters of former President Donald Trump.
Shares of Trump-controlled TMTG, which owns his Truth Social social network, have climbed over 30% since they began trading on Wall Street on Tuesday through a merger with a blank-check company already listed on the Nasdaq.
With the stock last at $67.69, TMTG had a market capitalization of $9.1 billion, lifting the value of Trump’s stake to over $5 billion.
“There is likely to be significant volatility ahead as a share buying frenzy among his supporters may wane, and investors dig deeper into the fundamentals,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Truth Social has about 8.9 million sign-ups. Unlike other social media platforms, it has not publicized how many active users it has.
In comparison, X had 238 million daily active users as of June 2022, per latest available official data.
Reddit has 73 million active users, and its stock market value was about the same as TMTG’s on Wednesday as it dipped 10% in the fifth day of trading since that social media company’s Wall Street debut last week.
Blank-check company Digital World AcquisitionCorp and the newly listed TMTG have surged over 600% since their merger was announced in 2021, cementing TMTG’s status as one of Wall Street’s so-called meme stocks.
"News Services" POPULAR ARTICLE
-
FBI Identifies Thomas Matthew Crooks as ‘Subject Involved’ in Trump Rally Shooting
-
Donald Trump Whisked off Stage in Pennsylvania after Apparent Gunshots Rang Through the Crowd
-
Japanese Executive among 11 Arrested in Myanmar for Inflating Rice Prices
-
Japan’s Nikkei Reclaims 40,000 Level on Weak Yen, Foreign Buying (UPDATE 1)
-
U.S. President Joe Biden Drops Out of the 2024 Race after Disastrous Debate Inflamed Age Concerns
JN ACCESS RANKING