Trump's media company soars in Wall Street debut

CNA03-27

Shares of Donald Trump's Trump Media & Technology Group surged nearly 50 per cent on Tuesday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential ...

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soars in Wall Street debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-27 03:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.channelnewsasia.com/business/trumps-media-company-soars-wall-street-debut-4223966><strong>CNA</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of Donald Trump's Trump Media & Technology Group surged nearly 50 per cent on Tuesday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential ...</p>\n\n<a href=\"https://www.channelnewsasia.com/business/trumps-media-company-soars-wall-street-debut-4223966\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4516","symbol_name":"特朗普概念","start_time":0,"source_url":"https://www.channelnewsasia.com/business/trumps-media-company-soars-wall-street-debut-4223966","article_id":"2422662991","we_media_id":null,"thumbnails":["https://onecms-res.cloudinary.com/image/upload/s--ebqAURLn--/c_fill,g_auto,h_468,w_830/fl_relative,g_south_east,l_mediacorp:cna:watermark:2023-11:afp_watermark_14112023,w_0.1/f_auto,q_auto/v1/one-cms/core/cb9b71d7a150f26ade4d426bccaaf8d1ba009f1a.jpg?itok=JYfiTI-Z"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422662991","pubTimestamp":1711482066,"sourceInfo":{"source_id":"can_highlight","name":"CNA"},"weMediaInfo":null,"summary":"Shares of Donald Trump's Trump Media & Technology Group surged nearly 50 per cent on Tuesday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential windfall as he grapples with the costs of several legal cases.At US$74.80 per share, TMTG's market capitalization crossed US$10 billion on an undiluted basis, an astronomical valuation for a company that reported an operating loss of US$10.6 million for the first nine months of 2023 on revenue of just US$3.4 million.Trump's majority stake in TMTG was last valued at US$5.89 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.TMTG's stock market debut follows its merger with blank-check company Digital World Acquisition Corp that was announced in 2021 but suffered setbacks and delays.Digital World and the newly listed TMTG have together surged more than 700 per cent since the deal was announced, cementing TMTG's status as one of","collect":0,"end_time":0,"defaultTopTitle":"channelnewsasia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4516":"特朗普概念","BK4588":"碎股","BK4585":"ETF&股票定投概念"},"translate_title":"特朗普的媒体公司在华尔街首次亮相飙升","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DWAC":0.9},"content_text":"Shares of Donald Trump's Trump Media & Technology Group surged nearly 50 per cent on Tuesday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential windfall as he grapples with the costs of several legal cases.\nAt US$74.80 per share, TMTG's market capitalization crossed US$10 billion on an undiluted basis, an astronomical valuation for a company that reported an operating loss of US$10.6 million for the first nine months of 2023 on revenue of just US$3.4 million.\nTrump's majority stake in TMTG was last valued at US$5.89 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.\nTMTG's stock market debut follows its merger with blank-check company Digital World Acquisition Corp that was announced in 2021 but suffered setbacks and delays.\nDigital World and the newly listed TMTG have together surged more than 700 per cent since the deal was announced, cementing TMTG's status as one of Wall Street's so-called meme stocks popular among retail traders and whose movement can be driven by posts on social media.\n\"The valuation of the business is rich relative to its underlying fundamentals, but I would not get in front of it in the near term,\" said Thomas Hayes, chairman of Great Hill Capital.\n\"This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects.\"\nTrading in the shares under the new ticker \"DJT\" was briefly halted just after the opening bell due to volatility.\nTMTG was the third-biggest percentage gainer across US exchanges at 11:54am EST, according to LSEG data. Retail trader-focused social media and trading platform Stocktwits listed it as the most trending stock.\nShares of Digital World Acquisition Corp, which is now TMTG, had surged more than 35 per cent on Monday after completing its merger.\n\n\n\n\nTRUMP'S FINANCIAL WOES\nTrump, who is facing four criminal trials in his race to US presidency, has been struggling to raise money for his campaign and legal expenses.\nThe company also provides a way for supporters of Trump to bet on his resurgence as a political figure, as evidenced by shares of shell company Digital World Acquisition nearly tripling in value this year.\nTMTG's rise on Tuesday led to losses for investors betting against the stock. Short sellers had racked up US$158 million in paper losses this year on their positions in Digital World Acquisition and TMTG, according to analytics firm S3 Partners.\n\"Today’s price action and valuation are completely out of kilter with the underlying business and its prospects,\" said AJ Bell investment analyst Dan Coatsworth.\nThe deal will also inject US$300 million in cash into TMTG-owned social media platform Truth Social.\nTruth Social, launched in February 2022, sought to capitalize on the ban on Trump's accounts across social media platforms such as Twitter, now X, and those run by Meta Platforms META.O.\nIn February, Digital World said Truth Social had 8.9 million sign-ups. X had 238 million daily active users as of June 2022, as per the latest available official data, while Facebook and Reddit had 2.1 billion and 73 million.\nDigital World said in a filing last month that Trump may divest his stake in Truth Social and cease any involvement in its management based on how his bid for president goes.\nThe blank-cheque company signed its merger agreement with Trump's company in October 2021 and since then, has been the target of investigations by the US Department of Justice.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422662991"}