Trump's media company shares jump ahead of backdoor Nasdaq debut [Globe and Mail, The (Toronto, Canada)]
Digital World Acquisition Corp. - Units (DWACU)
Company Research
Source: Globe and Mail, The
their Nasdaq debut after more than two years since its merger with a blank-check firm was announced. Trump Media & Technology Group ( DJT-Q ), the parent of Trump's preferred social media platform Truth Social, would be valued at as much as $8.71 billion based on the premarket trading price. Trump's majority stake in TMTG is now worth nearly $4 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding. Trump, who is facing four criminal trials in his race to U.S. presidency, has been struggling to raise money for his campaign and legal expenses. Meanwhile, a pause to a ruling that would have blocked New York state authorities from seizing his assets bought Trump some financial breathing room as he tries to build a campaign war chest and keep his real-estate empire intact. The deal will inject $300 million cash to Truth Social, which had lost $10.6 million from its operations in the first nine months of 2023.
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