Trump Media Goes Public

Shares of Trump Media and Technology Group, the owner of former President Donald Trump's Truth Social platform, climbed as much as 59% after the opening bell yesterday in its first day on the Nasdaq Composite Index. Trump Media's stock—trading under the ticker DJT for Trump's initials—rose as high as $77 per share before settling and closing up 16% at around $58 per share, valuing the company at nearly $8B. 

Trump Media's debut comes after it completed a deal last week with special purpose acquisition company Digital World Acquisition, enabling it to go public. Observers say Trump Media's valuation is misaligned with its finances; it generated $3.4M in revenue while recording a $49M net loss during the first nine months of 2023. Trump's nearly 60% stake in the company is now valued at over $4B. The ticker DJT last debuted on Nasdaq in 1995, when Trump's hotel and casino company went public; it delisted in 2004 after filing for Chapter 11 bankruptcy. 

In other news, the judge overseeing Trump's New York hush money trial issued a gag order, barring Trump from publicly commenting on witnesses and other stakeholders.