Donald Trump’s media company rises in Wall Street debut | Social Media Stories

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Trump Media & Technology Group closes 16 percent higher, giving the company a market capitalization of about $8bn.

Shares of Donald Trump’s media company rose as much as 59 percent in the first day of trading on Wall Street, which has put the former president of the United States in a serious legal crisis.

Trump Media & Technology Group reached a high of $79.38 on Tuesday, before closing 16 percent higher at $57.99, giving the company a market capitalization of nearly $8bn.

The start of the Trump Media market, despite a loss of $ 10.6m in the first nine months of 2023, came one day after completing a merger with the shell company Digital World Acquisition.

Trump launched the social media site Truth Social after it was removed from major platforms, including Facebook and Twitter, following the January 6 attacks on the US Capitol.

The Republican candidate for the US presidential election in 2024 has been returned to both parties but still stuck with Social Truth.

Trump has about 60 percent ownership in the company, which is worth about $4.6bn.

“I LOVE ALL THE TRUTH, I LOVE THE TRUTH!,” Trump tweeted Tuesday.

Trump, who is facing four criminal charges as he seeks re-election in November against US President Joe Biden, has struggled to raise money for his campaign and rising legal costs.

Trump is currently facing huge fines after a New York court found that he, his sons and the family business lied for years about the value of his assets.

An appeals court in New York on Monday cut the $454m payment due that day to $175m and gave him 10 more days to pay, which Trump has said he will do.

The initial funding prompted New York authorities to move to seize Trump’s assets.

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