Trump’s media company valued at nearly US$10b as shares surge in Nasdaq debut

Lawyers' group slams govt for using 3Rs to justify use of Sedition Act, reminds Pakatan of its previous standThe Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. — Reuters picMARCH 26 — Shares of Trump Media & Technology Group surged more than 45 per cent on Tuesday in their debut on the Nasdaq that comes more than two years since its merger with a blank-check firm was announced.

“The valuation of the business is rich relative to its underlying fundamentals, but I would not get in front of it in the near term,” said Thomas Hayes, Chairman of Great Hill Capital. The deal will inject US$300 million cash to Truth Social, which had lost US$10.6 million from its operations in the first nine months of 2023.

Digital World said in a filing last month that Trump may divest his stake in Truth Social and cease any involvement in its management based on how his bid for president goes.

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S&P 500 and Nasdaq Edge Lower as Investors Take Profits in Chipmaker StocksInvestors took profits in chipmaker stocks as they braced for producer price data and further clues on the inflation trend ahead of the Federal Reserve meeting. The Dow Jones rose 0.1%, while the S&P 500 and Nasdaq dropped 0.19% and 0.54% respectively. Nvidia shares fell 1.1% ahead of their global GTC developer conference on AI. Intel shares fell 4.4% after the Pentagon pulled out of a plan to spend up to $2.5 billion on a chip grant to the company.
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