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Former President Donald Trump’s newly merged social media company will begin trading under the stock ticker symbol DJT on Tuesday, the firm said in a new regulatory filing.
The company, which owns the Truth Social app platform, will be called Trump Media & Technology Group Corp., and will trade on the NASDAQ market.
TMTG is the result of a combination of Trump’s company and the shell company Digital World Acquisition Corp.
A majority of DWAC shareholders on Friday voted to approve the merger with TMTG. That tie-up was completed Monday, according to a filing with the U.S. Securities and Exchange Commission.
DWAC’s share price soared more than 30% on Monday after an appeals court paused a civil business fraud judgment against Trump for 10 days, and sharply reduced the appeal bond he will have to post to extend that pause. The share price bounce more than made up for the step drop in DWAC’s stock on Friday after the merger was approved.
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Trump, who is the presumptive Republican presidential nominee, owns at least 58% of the company, a stake that is worth $3 billion or more at Monday’s share price. But under current rules, Trump is barred from selling shares for six months.
Trump Media will continue to be led by CEO Devin Nunes and his current management team, who had operated the private company before it merged with the publicly traded DWAC.
“As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” Nunes said in a statement. “We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors.”
Former DWAC CEO Eric Swider will become a director of Trump Media.
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Source link: https://www.cnbc.com/2024/03/25/truth-social-owner-trump-media-will-begin-trading-under-djt-ticker-tuesday.html