Shares for the stock increased as much as 20 percent Tuesday.
Shares for the media venture headed by former President Donald Trump jumped by as much as 20 percent on the second day of trading on the Nasdaq, again lifting the former president’s fortune on March 27 and providing him a potential windfall as he grapples with the costs of several legal cases.
At one point this week, Trump Media & Technology Group, which trades under the DJT ticker, crossed $10 billion on an undiluted basis, a massive valuation for a company that reported an operating loss of $10.6 million for the first nine months of 2023 on revenue of just $3.4 million, according to Reuters. President Trump’s majority stake in TMTG was last valued at about $5.6 billion, according to Forbes, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.
As of the afternoon of March 27, DJT stood at about $67 per share, having risen by about 17 percent over the previous day. At one point, retail trader-focused social media and trading platform Stocktwits listed it as the most trending stock.
It came after it surged as much as 59 percent on March 26 in its Nasdaq debut, likely lifted by the former U.S. president’s supporters while causing speculation it would become a “meme“ stock akin to Gamestop or AMC. The stock was halted because of volatility shortly after 9 a.m. ET because of the spike before it resumed.
After trading on March 26, the former president’s net worth surged to $6.4 billion, according to the magazine, with the majority coming from his stake in Trump Media.
Trump was worth about $6.4 billion at the end of trading on March 26, according to Epoch Times estimates, with a majority of his wealth coming from his stake in Trump Media. That’s a far cry from his social media business’s paper value but reflects the price paid in February by institutional investors before its public debut.
