The social media platform set up by Donald Trump after he was banned from commenting on Facebook and Twitter, now known as X, made its stock market debut today with a 16 per cent gain.
Shares in Trump Media & Technology Group, the parent company of Truth Social, which as set up by Trump in 2021 after the ban, closed up $8.04 at $57.99 in New York, valuing the business at $2.15 billion.
The former president’s majority stake in TMTG, which trades under the ticker DJT, was last valued at $5.38 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.
It was estimated that there were 494,000 active US users of Truth Social on iOS and Android
