Trump Media stock price: Trump granted an additional 36 million shares of Trump Media stock worth $1.8 billion after hitting a price benchmark.
That brings his total ownership to more than 114 million shares, worth $5.7 billion as of Wednesday morning’s stock price.
Trump, the presumptive Republican presidential nominee, currently owns nearly two-thirds of the company’s outstanding shares.
Trump Media & Technology Group shares have soared over the past few weeks, closing at US$49.93 on Tuesday. To secure new shares, Trump needed the stock to be above US$17.50 for each of 20 consecutive trading days.
Trump Media was listed on Nasdaq after merging with a special purpose acquisition company called Digital World Acquisition Corp., or SPAC. These types of mergers provide a faster and easier path for startups to have their shares publicly traded. On March 26, the first day of trading after Trump Media completed its merger with Digital World Acquisition, shares of the newly combined company closed at USD 57.99 after reaching nearly USD 80 in intraday trading. Less than a week after its splashy stock market debut, Trump Media revealed that it lost about $58.2 million last year, sending its stock price tumbling more than 21%. The 2023 loss was a significant decrease compared to the $50.5 million profit the company reported in 2022, according to filings with regulators. Over the next few weeks, the company’s stock price fell to around $22 each before rebounding in mid-April.
Truth Social launched in February 2022, a year after President Trump was banned from major social platforms, including Facebook and X, formerly Twitter, following the January 6 insurrection at the U.S. Capitol. He then returned to both, but stuck with Truth Social.
Trump Media shares rose 2.7% to $51.30 in morning trading Wednesday.
