Donald Trump. Photo: Screengrab
News Desk
US Former President Donald Trump’s newly merged social media company will begin trading under the ticker “DJT” , short for Donald J. Trump, on Tuesday, potentially delivering a windfall of more than $3 billion to the former president.
The company will be called Trump Media & Technology Group (TMTG) Corporation and will trade on the Nasdaq market, an American stock exchange based in New York City, reports CNBC news.
TMTG is set to become a public company after completing a merger with a shell company Digital World Acquisition Corporation (DWAC). The DWAC was created to merge with the former president’s company.
According to a filing with the US Securities and Exchange Commission On Friday, a majority of DWAC shareholders voted to approve the merger with TMTG.
After an appeals court paused a civil business fraud judgment against Trump for 10 days, DWAC’s share price soared more than 30% on Monday.
After the merger was approved, the share price bounced more than made up for the steep drop in DWAC’s stock on Friday.
Donald Trump owns at least 58% of the company, a stake that is worth $3 billion or more at Monday’s share price. The businessman is the presumptive Republican presidential nominee. Trump is barred from selling shares for six months under current rules.
CEO Devin Nunes and his current management team will lead Trump Media. Moreover, before it merged with the publicly traded DWAC, the team had operated the private company.
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Nunes said in a statement that as a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.
The CEO said they will continue to achieve their commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors.
Trump Media will recruit Former DWAC CEO Eric Swider as its director.