Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
Shares of Digital World have been volatile. On Friday the stock slumped 13.7 per cent after the merger was approved. In afternoon trading Monday soared 22 per cent to $45.40. Trump won’t be able to cash out his stake in the Palm Beach, Florida-based company immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social. Trump has promoted Truth Social on the platform itself – on Friday he posted “I love Truth Social.”
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