Trump's Truth Social stock soars on first day of trading
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Former President Trump got a lot wealthier on Tuesday, at least on paper, as the value of social media company Truth Social's stock jumped by as much as 55% in early trading.
By the numbers: Shares opened Tuesday at $70.90 per share, after closing on Monday at $49.95 per share. They rose as high as $77.67 in early Tuesday trades, before a mild retreat.
The big picture: For Trump, who holds around 78 million shares and voting control, that means the value of his Truth Social stake rose as high as $6 billion.
- But it's worth noting that Trump isn't allowed to sell his shares for six months, per a lockup agreement.
- He could receive special board dispensation to sell earlier, but it's unclear if there would be enough market demand; particularly given that a Trump exit could tank the share price.
Look ahead: Trump Media & Technology Group will need to file an 8-K by the end of this week, which should include full-year 2023 financials.
- So far it's only released results through the first nine months of 2023, which showed around a $49 million net loss on $3.4 million in revenue.
Go deeper: Trump's Truth Social is going public
