Former President Donald Trump's Truth Social will begin trading under the ticker 'DJT' on Tuesday, putting the real estate tycoon — and his initials — at the helm of a publicly traded company once again. Trump Media & Technology Group, whose main asset is the social media service Truth Social, said in a statement Monday that the ticker symbol will be active tomorrow, following its merger with a so-called blank-check company, also known as a special purchase acquisition company .
Cs are shell companies created to take a private business public without going through an initial public offering.In the case of Trump's media business, the shareholders of the C, called Digital World Acquisition Corp., voted Friday in favor of the merger, ushering in the next step of taking the new Truth Social company public without an IPO. The merged company officially changed its name to Trump Media & Technology Group after the deal was completed on Monday, the statement said.
CInsider.com, a service that provides news and data about the C industry.Shares of Digital World Acquisition Corp. jumped $8.56, or 23%, to $45.50 in early afternoon trading on Monday.The company could begin trading under the DJT ticker with a valuation of $5 billion or more, based on the Digital World Acquisition Corp. stock price. That's a heady market capitalization for Truth Social's parent company, which booked $3.3 million in revenue for the first nine months of 2023, a regulatory filing earlier this year showed.
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