Truth Social's parent company debuts big on Nasdaq: Share value soars over 45%

Truth Social's parent company had a great debut this Tuesday on the second largest stock exchange in the country, Nasdaq (the first being the New York Stock Exchange). Within minutes of going public, the value of Trump Media & Technology Group's shares, under the DJT ticker, rose by more than 45%, at one point even surpassing 50%.

Trump Media & Technology Group (TMTG), a company owned by former President Donald Trump, agreed to merge last Friday with Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), after the latter's shareholders voted in favor of merging the two companies.

This agreement between TMTG and DWAC, also confirmed by the Securities and Exchange Commission (SEC), came to fruition after more than three years of negotiations and discussions.

This move led to a substantial increase in Trump's net worth, which rose by $4 billion, to bring the value of his fortune to some $6.5 billion. The figure vaulted the former president into the ranking of the 500 richest people on the planet.