Shares in Trump's social media company begin trading on NASDAQ

 March 26, 2024

Many conservatives have alleged that New York Attorney General Letitia James' civil fraud lawsuit against former President Donald Trump is an attempt to bankrupt the Republican candidate.

If that's true, then the Wall Street victory Trump just scored is likely to leave New York's top prosecutor feeling furious.  

Shares of social media company begin trading on NASDAQ market

According to CNBC, shares in the social media company that Trump founded two years ago began trading on the NASDAQ market Tuesday.

That move came after stockholders in the shell company known as Digital World Acquisition Corp. voted last week to merge with Trump Media & Technology Group Corp, the company that owns Truth Social.

Forbes magazine estimated Trump Media's total market capitalization at between $8 billion and $10 billion on Tuesday, with Trump holding a 58% stake.

However, the former president will be precluded from selling those shares for at least six months following the merger.

Former California Republican Rep. Devin Nunes will serve as Trump Media CEO

CNBC noted that Trump Media will be headed by former California Republican Rep. Devin Nunes, who also served as CEO of Digital World Acquisition Corp.

"As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors," Nunes was quoted as saying in a statement.

"We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors," he added.

Meanwhile, former Digital World Acquisition Corp. chief executive Eric Swider will now serve as a director at Trump Media.

Court lowers Trump's appeal bond, blocks attorney general from seizing property

Fox Business pointed out that shares in the company began rising sharply after Trump racked up two major legal wins on Monday.

Specifically, a New York appeals court blocked the state attorney general from seizing his assets while also reducing the former president's appeal bond from $454 million to $175 million, an amount Trump told reporters that he would cover with cash.

Fox News quoted Trump as saying that Monday's decision "shows how ridiculous and outrageous Engoron's original decision was at $450 Million."

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