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Truth Social: Trump's social media company approved to go public

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Donald Trump is returning to the stock market, and the former president stands to reap a sizeable payout in the process.

The download screen for Truth Social app is seen on a laptop computer, Wednesday, March 20, 2024, in New York. Shareholders vote Friday on a deal to merge Trump Media & Technology Group, which runs Truth Social, and Digital World Acquisition Corp. NEW YORK -

The greenlight arrives at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit. Trump's earlier foray into the stock market didn't end well. Trump Hotels and Casino Resorts went public in 1995 under the symbol DJT - the same symbol Trump Media will trade under. By 2004, Trump's casino company had filed for bankruptcy protection and was delisted from the New York Stock Exchange.

Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses. Trump promoted Truth Social in a post on the social media network Thursday evening, saying: “TRUTH SOCIAL IS MY VOICE, AND THE REAL VOICE OF AMERICA!!! MAGA2024!!!”

 

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