FMP
Digital World Stock Soars 35% as Trump Media & Technology Group’s Merger Finalizes
Mar 26, 2024 4:36 PM - Davit Kirakosyan
Image credit: FMP
Digital World Acquisition (NASDAQ:DWAC) shares soared over 35% on Monday following the announcement of finalizing its merger with Trump Media & Technology Group (TMTG), the entity behind Truth Social and supported by former President Donald Trump. The merger, greenlit by Digital World's shareholders last Friday, facilitates a significant financial boost for Trump amidst ongoing legal battles and his participation in the 2024 presidential race.
The surge in share price, recovered Friday's 13.7% drop, with the expectation to begin Nasdaq trading under the tickers "DJT" and "DJTWW" starting Tuesday. This agreement channels $300 million into Truth Social, which reported a $10.6 million operational loss on a $3.4 million revenue in the initial three quarters of 2023. Post-merger, Trump's ownership in the merged entity is estimated between 58.1% and 69.4%, valuing his share at approximately $3.3 billion following the deal's approval.
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