On Tuesday, the share price of Donald Trump’s Trump Media & Technology Group (TMTG) under the symbol ‘DJT,’ as it merged with Digital World Acquisition Corp in 2021, jumped as much as 59% in the first trading day of the stock, reaching the session high of $79.38 per share with a market capitalization of over $10 billion on an undiluted basis.
The stock closed 16% higher at $57.99, raising the company’s valuation to nearly $8 billion compared to the previous value of $6 billion and making Trump one of 500 the richest people in the world.
Meanwhile, Thomas Hayes, chairman of Great Hill Capital stated that the price hikes of DJT could be perceived as more of a proxy for the enthusiasm of Trump’s supporters than the rise from a reason-based catalyst from business prospects.
As a result, the trading of DJT was shortly halted not long after the opening bell due to volatility.
