Donald Trump’s new media company ended the day valued at more than $8 billion after its first day trading on the NASDAQ, meaning it is worth more than established legacy media companies including the New York Times.
Trump Media, which runs the social media platform Truth Social, became a publicly listed company after a majority of shareholders of Digital World Acquisition Corp voted on Friday to acquire it.
Former president Trump’s personal wealth ballooned by more than $4 billion since his media company went public, putting an end to liberal attempts to bankrupt him through lawfare before the November election.
BYPASS THE CENSORS
Sign up to get unfiltered news delivered straight to your inbox.
You can unsubscribe any time. By subscribing you agree to our Terms of Use
While Donald Trump battled to raise a $464 million bond to cover a potential fine in his politically motivated New York fraud case – which was later reduced to $175 million – he made a lot more overnight.
Trump, in a post on Truth Social, said: “I love Truth Social, I love the truth”.
“It’s an enormous transfer of value from [investors]… to Trump, which stands to be extremely lucrative for him,” says Michael Ohlrogge, a law professor at New York University who has studied listings of companies such as Trump Media.
TRENDING: Top Doctor Details ‘Huge Financial Incentives’ For Hospitals To Murder Covid Patients
The former president is barred from selling or transferring his shares for at least six months – though the new company could grant him an exemption.
The New York Times, which was established in 1851, is valued at about $7 billion.
