Trump Media & Technology Group, the company behind the social network Truth Social, will begin trading on the Nasdaq stock market on Tuesday following approval of a business combination with a publicly traded shell company.
How much is Truth Social stock?
Shareholders of Digital World Acquisition Corp., the publicly quoted vehicle that agreed to merge with Trump Media, approved the deal in a vote held on Friday. Since that approval, Digital World shares have shown notable volatility: the stock fell 13.7% immediately after the vote, then rallied in subsequent trading—soaring 22% in afternoon trading on Monday to reach USD $45.40. (All figures in this article are in U.S. dollars.)
Former U.S. president Donald Trump is expected to own the majority of the combined company, holding nearly 79 million shares. Using Digital World’s closing price on Friday of $36.94 as a reference, the notional value of that stake would be close to $3 billion. However, Trump faces a typical “lock-up” restriction that limits insiders from selling newly issued shares for six months after the deal closes, preventing an immediate sale unless the company’s board agrees to alter the restriction.
The broader legal and political context remains notable: the former president was in New York on Monday, March 25, 2024, attending a hearing related to his criminal hush-money case, and a New York appeals court reduced a separate civil fraud judgment from $454 million to $175 million provided he posts that reduced amount within 10 days.
What is Truth Social?
Truth Social launched in February 2022, about a year after Donald Trump was suspended from major platforms in the wake of the Jan. 6, 2021 events at the U.S. Capitol. Though he has since had accounts reinstated on some mainstream services, Trump has continued to promote and use Truth Social as his primary social platform, posting on the service itself and publicly endorsing it—most recently writing, “I love Truth Social.”
Trump Media has not released official daily active user statistics since becoming a public company, but third-party web analytics firm Similarweb estimated roughly 5 million active mobile and web users in February. That user base is tiny compared with global giants—TikTok and Facebook have user counts measured in the billions—but it outpaces many smaller “alt-tech” competitors. These figures, and more detailed user and revenue metrics, are expected to become clearer now that the business will be subject to the disclosure requirements that accompany public listing.
How much is Truth Social worth?
Financially, Trump Media reported operating losses in the recent reporting period. For the first nine months of last year, the company recorded a $49 million loss while generating $3.4 million in revenue and facing $37.7 million in interest expense. Those results underline the challenge of turning a high-profile social platform into a consistently profitable business, particularly when user growth and monetization remain limited compared with larger incumbents.
Following the close of the merger, the combined company’s common stock will trade under the ticker symbol “DJT.” As a newly public entity, it will be required to provide routine public financial disclosures and regulatory filings, which should give investors clearer insight into user trends, advertising and subscription revenue, cash flow, and any plans for accelerating growth or cutting costs.
What investors and observers should watch
- Whether the company’s board amends the six-month lock-up that currently restricts insider sales, as that would affect potential share supply.
- Quarterly financial reports and key user metrics that will be disclosed now that the company is trading publicly.
- How Truth Social’s audience growth and engagement evolve compared with “alt-tech” rivals and mainstream platforms, and whether that growth can be monetized effectively.
- Macro stock-market volatility and investor sentiment around high-profile, media-focused companies, which can drive swings in the share price.
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