Trump awarded 36 million more Trump Media shares worth $1.8 billion after hitting price benchmarks
That brings his total ownership to more than 114 million shares, which based on Wednesday morning's stock price, are worth USD 5.7 billion. Trump Media got its place on the Nasdaq after merging with a company called Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. These type of mergers offer young companies quicker and easier routes to getting their shares trading publicly.
Washington, May 1: Former President has secured an additional USD 1.8 billion worth of in , according to a regulatory filing this week. Based on the company's stock hitting certain price benchmarks, Trump was awarded an additional 36 million shares in the company that owns his social media platform .That brings his total ownership to more than 114 million shares, which based on Wednesday morning's stock price, are worth USD 5.7 billion.
Trump, the presumptive Republican presidential nominee, now owns close to two-thirds of the company's outstanding shares.
Trump Media & Technology Group shares have surged in the past couple of weeks and closed Tuesday at USD 49.93. Trump only needed the stock to be above USD 17.50 each for 20 consecutive trading days to secure the new shares.
Trump Media got its place on the Nasdaq after merging with a company called Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. These type of mergers offer young companies quicker and easier routes to getting their shares trading publicly.
On March 26, the first day of trading after Trump Media closed the merger with Digital World Acquisition, shares in the newly combined company reached nearly USD 80 each in intraday trading before closing at USD 57.99.
Less than a week after that flashy debut, Trump Media disclosed that it lost nearly USD 58.2 million last year, sending its stock tumbling more than 21 per cent. The 2023 losses marked a stark decline compared with the profit of USD 50.5 million that the company reported for 2022, according to a regulatory filing.
In the subsequent weeks, the company's stock tumbled to around USD 22 each before rebounding in mid-April.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the January 6 insurrection at the US Capitol. He's since been reinstated to both but has stuck with Truth Social.
rose 2.7 per cent to USD 51.30 in morning trading Wednesday.
Source: Stocks-Markets-Economic Times
