Trading in Trump Media & Technology Group was so volatile that it was halted for several minutes. Photograph: AP Photo/Yuki IwamuraShares in Donald Trump’s social media business jumped in their New York market debut on Tuesday, making the former US president’s stake worth $4.6 billion.
Mr Trump, owner of 58 per cent of the shares in the merged company before accounting for dilution, is the biggest beneficiary of the price surge.Could empty nesters be crucial to solving the housing crisis?The former US president faces a pile-up of legal and financial woes ahead of what is expected to be the most expensive presidential election campaign in US history.
The former president could ask the board to waive the lock-up, but selling a stake of his size would be likely to sink the company’s stock price.The share price jump also enriched three of Mr Trump’s former business partners who had previously filed legal claims alleging that their stakes in TMTG have been substantially diluted.