27 March (Punjab khabarnama) : Former US President Donald Trump’s social platform, Truth Social, has made its debut on the public market, and the valuation of the network has soared to nearly $8 billion since then.
The Trump Digital World Acquisition Corp SPAC, which merged with Trump’s enterprise game business, has seen its stock rising since the start of this year. The deck of Trump Media & Technology Group into the market recorded a 15 per cent increment by the finish of the day.
The newly public company will be listed under the “DJT” ticker symbol, which stands for Donald J. Trump. The opening of that market has been very instrumental in upping Trump’s net worth to enter the list of the world’s 500 wealthiest people for the first time, adding to his coming $4.6 billion fortune, according to Bloomberg.
The trading journey for Trump Media was not without its challenges
Such high volatility made trading so frequent that it had to be stopped on Tuesday until the share price stabilized. At one stage, though, the share price had leapt up by an incredible 50%.
In the case of the Trump Organization, where the president is not permitted to sell his stocks as of the present time for legal reasons, this could be a deciding factor for the profitability of the holding. He may become a multi-billionaire should the stock continue to be appreciated at the high level currently being recorded for a future sale.
Trump expressed his enthusiasm for the platform, stating, “I LOVE TRUTH SOCIAL,” on the very network that celebrated its listing on the Nasdaq. Just as the ex-president is dealing with a legal case where he is being required to pay $454 million due to a civil fraud commitment, this economic advancement reveals the stage at which Americans are now. Still, the judge trend that will not enable him to get a $175 million bail in the proceeding ten days. Through the fabulous launch, the platform has sadly been experiencing many challenges since its foundation and has just earned approximately $5 million so far since 2021.
SPACs work exactly in this way, as they raise private capital through IPOs and then identify with a company to list it on the market. Eventually, SPAC sets its terms and conditions and the latest corporation happens to merge with the SPAC company that is introduced to the stock market. The implementation of this regulation is a way for both entities to get a chance to gain. While the first SPAC investors have the right to get back the money if they can’t tolerate the fusion, it is against the spirit of SPAC as they risk their money for securing the initial idea’s future.
Devin Nunes, who is the former GOP member of Congress, Stafford and the present Trump Media CEO, commented on the company’s public status, saying, “As a public company, we will passionately pursue our vision to build a movement to reclaim the internet from big tech censors.”
