Donald Trump’s social media company soars for the first time on Wall Street. social media news

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Trump Media & Technology Group closed 16 percent higher, giving the company a market capitalization of nearly $8 billion.

Shares of former Donald Trump’s social media company surged as much as 59 percent on their first day of trading on Wall Street, raising hopes of a windfall for the former President of the United States as he faces a growing list of legal bills.

Trump Media & Technology Group peaked at $79.38 per share on Tuesday, closing 16 percent higher at $57.99, giving the company a market capitalization of nearly $8 billion.

Trump Media’s blockbuster market debut came a day after the completion of its merger with shell company Digital World Acquisition, despite an operating loss of $10.6 million in the first nine months of 2023.

Trump launched social media platform Truth Social after being kicked out of mainstream platforms including Facebook and Twitter following the January 6 insurrection at the US Capitol.

The Republican contender for the 2024 US presidential election has since been reinstated to both, but is stuck with Truth Social.

Trump has about a 60 percent ownership stake in the company, which is now worth about $4.6 billion.

Trump posted on the social media network on Tuesday, “I love social truth, I love truth!”

Trump, who faces four criminal charges as he seeks re-election against US President Joe Biden in November, is struggling to raise money for his campaign and facing rising legal expenses.

Trump is currently facing a huge bond payment after a New York court ruled that Trump, his sons and his family business lied for years about the value of their assets.

A New York appeals court on Monday reduced the $454m bond payment due that day to $175m and gave him 10 extra days to make the payment, which Trump has said he will do.

The original amount had raised the possibility that New York authorities would move to seize Trump’s assets.

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