Donald Trump's Social Media Stock Jumps In Debut

(RTTNews) - Shares of Trump Media & Technology Group Corp. or TMTG, the operator of the social media platform Truth Social founded by former U.S. President Donald Trump, gained big in its Tuesday's debut on the Nasdaq stock exchange.

Trump Media shares, which climbed as much as 50 percent in the initial trading, closed Tuesday at 16.1 percent higher reaching a market capitalization of $6.58 billion. In pre-market activity on Wednesday, the shares were gaining 14 percent further.

The stock market debut follows the company's business combination with blank check company Digital World Acquisition Corp.

Trump Media said its ticker symbol "DJT" pays direct homage to the company's former Chairman and Director, and the 45th President of the United States, Donald J. Trump.

According to Trump Media, the commencement of its trading on the public markets testifies to Americans' demands for free-speech platforms that reject the stifling censorship imposed by Big Tech.

TMTG CEO Devin Nunes said, "We built this company to protect the American people's voices and their freedom. Having transformed into a public company, Truth Social remains committed to maintaining and vehemently defending a digital space for free expression."

It was in October 2021 that Trump announced the launch of his own social media platform called TRUTH Social, with access limited to invited guests only, after he was shunned by multiple social media platforms over dangerous and inciting posts.

In January 2021, Twitter, YouTube and Facebook had banned Trump from their platforms following an attack apparently instigated by him on the US Capitol that killed five.

On Tuesday's close on the Nasdaq, TMTG was at $57.99, up 16.10 percent. In the pre market activity, the shares are currently trading at $66, a 13.81 percent jump.