Truth Social Soars Nearly 50% in First Day on Nasdaq

Truth Social Soars Nearly 50% , in First Day on Nasdaq.

The former president's social media company began trading on the Nasdaq on March 26, AP reports.

.

Digital World Acquisition Corp.

Acquired Trump Media & Technology Group Corp., which runs Truth Social, on March 25.

Trump Media has taken the place of Digital World on the Nasdaq.

.

On March 25, Trump said, "Truth Social is doing very well.

It's hot as a pistol and doing great.".

Trump Media's market value was roughly $6.8 billion prior to trading, AP reports.

.

Shares were up 47% at $73.50 just before 10 a.m.

ET.

Truth Social's ticker symbol is "DJT.".

Trump launched Truth Social in 2022 after being banned from Twitter and Facebook.

.

The social media platform had approximately 5 million users in February, according to research firm Similarweb.

Investors could be in for a bumpy ride, AP reports.

In a regulatory filing, Trump Media said that it “is highly dependent on the popularity and presence of President Trump.”.

If Trump were to distance himself from the company, perhaps for reasons such as campaigning for presidency, Trump Media “would be significantly disadvantaged,” the filing states.

.

Similarly “an adverse outcome in one or more” of the cases in which the former president is embroiled could harm the success of Trump Media and Truth Social.