US Markets
Wednesday, May 1st, 2024 2:18 pm EDT
Key Points
- Trump Media’s shares opened trading higher on Wednesday, surpassing the $50 per share mark for the first time in nearly a month.
- Trading under the DJT ticker, Trump Media experienced an initial rise of over 8% in early trading before retracing slightly.
- Despite a more than 50% increase in share price over the past week, Trump Media’s stock remains below its debut price of over $70 per share on March 26.
Trump Media shares opened trading higher on Wednesday, surpassing the $50 per share mark for the first time in nearly a month. Trading under the DJT ticker, the company saw an initial rise of over 8%, though it retraced slightly afterward. This increase follows a more than 50% surge in the past week; however, the stock remains below its debut price of over $70 per share on March 26. In a regulatory filing on Tuesday, Trump Media confirmed that former President Donald Trump was granted an additional 36 million shares as part of an earnout bonus. This boost came as the share price maintained above $17.50 for 20 trading days since its public listing. With this bonus, Trump’s stake in Trump Media now comprises 65% of the company’s shares, valued at approximately $5.7 billion at a $50 share price. However, Trump is prohibited from selling these shares for six months following the completion of Trump Media’s merger with Digital World Acquisition Corp. Trump Media’s recent share price surge coincides with concerns raised by its CEO, former Republican congressman Devin Nunes, regarding potential market manipulation by short sellers. The company has also urged shareholders to take measures to prevent their shares from being lent for short selling trades amidst these developments.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/01/djt-shares-crack-50-as-trump-media-continues-stock-bounce-back.html
