FILE - The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday, March 26, 2024. The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.
Trump Media debuts with a stock price near $50 and a market value of about $6.8 billion. Many of Digital World’s investors were small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock more than double this year in anticipation of the merger going through.
However, Trump Media has yet to disclose Truth Social’s user numbers — although that should change now that the company is public. Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February.
Trump Media, which is based in Palm Beach, Florida, said in a regulatory filing that it “is highly dependent on the popularity and presence of President Trump.” If the former president were to limit or discontinue his relationship with the company for any reason, including due to his campaign to regain the presidency, the company “would be significantly disadvantaged.”