Following a merger with the shell company, Digital World Acquisition Corp., Donald J. Trump’s social media company, Trump Media & Technology Group, will begin trading today on Nasdaq under the stock symbol “DJT.” The company is valued at more than $5 billion, even though its digital platform Truth Social only brought in $3.3 million in revenue during the first nine months of 2023.
Based on Monday’s stock price of $45.60 a share, Trump’s stake in the business is worth more than $3 billion. His shares total 79 million, giving him about 60% ownership in the new company. He also holds a separate class of shares that will give him at least 55% voting power over all measures.
However, to access that money—for reasons such as to pay a significant penalty that he faces in a civil fraud case—Trump Media & Technology Group’s board must provide an exception to the rule that stops the former president from selling shares or using them as collateral for the next six months.
Trump was the chairman of Trump Media prior to the merger with Digital World Acquisition, but he’s not a member of the new board. It’s not certain who will serve as the head of the new board, which includes Trump’s son, Donald Trump, Jr., and the company’s CEO, Devin Nunes, who previously served as a California Republican congressman.
