(LibertySociety.com) – Former President Trump hit the jackpot again with Trump Media & Technology Group TMTG), which trades under the ticker $DJT on the Nasdaq.
A new filing showed the 45th President received 36 million more shares, which totaled around $1.6 billion based on the price of the stock at closing on May 2. The new shares were awarded after the required price points were met, bringing Trump’s total shares owned to over 114 million. Trump is not allowed to sell shares of the stock, which began publicly trading on March 26, for six months unless he receives a waiver from the TMTG board. Trump’s additional shares bring his total ownership to almost two-thirds of the outstanding $DJT shares.
The stock price has remained steady at around $49.37 per share as of May 8. The stipulations for the new shares required a 20-day trading streak at or above $17.50 per share. While Democrats cried foul at his decision to raise funds for TMTG through a special purpose acquisition company (SPAC), the merger was ultimately approved by the Securities and Exchange Commission (SEC). During the first day of trading, the stock hit close to $80 per share before ending the day at $57.99. For most of 2023, the stock price traded in the upper teens to low twenties range, which led to losses totaling $58.2 million. The stock price tanked upon the release of the news, but it quickly recovered in April.
TMTG’s social media platform, Truth Social, was created to “end Big Tech’s assault on free speech.” TMTG recently announced that the platform would launch a streaming service, which will be rolled out in three separate phases. News networks will have the ability to livestream coverage, which was taken away from some conservative-leaning networks on other social media platforms for allegedly violating their terms of service. TMTG CEO Devin Nunes said that the service would “provide a permanent home” for every news and entertainment source.
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