Former President Donald Trump is now the owner of close to two thirds of Trump Media, after Trump secured an additional $1.8 billion worth of shares, as disclosed in a recent regulatory filing.
Trump’s ownership in the company, which includes his social media platform Truth Social, now exceeds 114 million shares, valued at approximately $5.7 billion based on Wednesday’s stock price.
This increase in ownership comes as Trump Media’s stock has surged, reaching $49.93 at the close of trading on Tuesday. Trump needed the stock to maintain a price above $17.50 for 20 trading days in a row to receive the new shares.
By using a special purpose acquisition company (SPAC), the company gained a listing on the Nasdaq through a merger with Digital World Acquisition Corp. This method provides a faster route to becoming a publicly traded entity.
Following the merger, Trump Media’s stock traded at almost $80 per share on its first day before settling at $57.99. However, the company later disclosed a loss of nearly $58.2 million for 2023, a major reversal from its $50.5 million profit in 2022.
This disclosure led to a 21% drop in the company’s stock price, which fell to around $22 per share before recovering later in the month.
Truth Social was launched in February 2022, a year after Trump’s ban from major social media platforms such as Facebook and Twitter following January 6th. Despite being reinstated on these platforms, Trump has continued to post on Truth Social.
On Wednesday morning, Trump Media shares rose by 2.7% to $51.30 in early trading.
{Matzav.com}
So למעשה did Trump make money or not? I’m dizzy following this article. The stock surged…..then the stock disclosed a loss…. …then a drop…then it had a major reversal …. then it recovered…then it rose (all words in this article)…. so which is it?
This is an outrage. Trump should resign immediately.