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.
The stock price for Truth Social is shown at the Nasdaq building Tuesday, March 26, 2024, in New York. (AP Photo/Frank Franklin II)
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%.
