The social media startup founded by former president Donald Trump experienced significant volatility on its first day as a publicly traded company. Trump Media & Technology Group Corp., which was unprofitable before the merger with Digital World Acquisition Corp. to bring Truth Social public, saw its shares surge by nearly 59% on Tuesday, leading to a trading halt due to high volatility.
This high-profile blank-check deal comes amid a surge in meme stocks and provides a potential financial boost for Trump as he navigates mounting legal and financial challenges. Despite the initial excitement and gains, the long-term success of Trump’s social media venture remains uncertain, as the company works to establish itself in a competitive market and overcome its current profitability challenges.
As Trump continues to face legal battles and financial scrutiny, the success of his social media startup could play a significant role in determining his future financial outlook. The rapid rise and volatility in the company’s stock price highlight the interest and uncertainty surrounding Trump’s latest business venture and its potential impact on his personal wealth and legacy.