Trump Media & Technology Group is slated to debut on Nasdaq under the ticker 'DJT,' according to a securities filing released Monday.
Trump Media & Technology Group is slated to debut on Nasdaq under the ticker “DJT,” according to a securities filing released Monday.
Former President Donald Trump's social media venture is set to take over a Wall Street listing on Tuesday. | Joe Raedle/Getty ImagesDonald Trump’s fledgling social media venture will begin trading as a public company on Tuesday, setting the former president up for a potentially massive payday if all goes to plan.. The company, which operates Truth Social, will take over the listing of Digital World Acquisition Corp.
For Trump, the Wall Street listing marks what could be a multibillion-dollar win as he faces more than $500 million in civil penalties on top of legal fees. But the shares are not a panacea for Trump’s financial woes. The GOP nominee and board chair is set to own more than 78 million shares in the combined company — a stake currently valued at about $3.5 billion. Yet Trump’s stock will be tied up for six months under a lock-up agreement, a typical arrangement that effectively bars company insiders from dumping their shares once a company goes public.
The company’s board — a group that consists of Trump’s son Donald Trump Jr. as well as several former Trump administration officials — could lift the lock-up beforehand. But even then, Trump will likely be able to sell only a small amount of his stake — up to 1 percent of the outstanding stock — in a given three-month period under the securities laws, according to several law professors who are watching the deal.
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