Former President Donald Trump’s media company, Trump Media, rose sharply in price during its stock market debut.
On its first day, Trump Media, the parent company of Truth Social, was valued at roughly $8 billion, greater than respected companies such as Mattel and Western Union. The former president holds 60% of the stock in Trump Media, making him the primary beneficiary of the good market performance, the New York Times reported.
According to the outlet, a frenzy of interest in the company’s stock caused trading to be briefly halted due to extreme volatility. However, by the end of the first trading day, Trump Media closed at $57.99, a gain of 16%.
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Trump helped create Truth Social after he was banned from Twitter, his favorite mouthpiece for about a decade, in the aftermath of the Jan. 6 Capitol riot. Though his ban was rescinded after Tesla CEO Elon Musk bought the outlet, he has decided to stay with Truth Social.
According to research firm Similarweb, Truth Social has about 5 million active users. X, formerly known as Twitter, has around 500 million.
