Trump Media & Technology Group (TMTG), the company that houses Truth Social, his social media competitor, rose 50% during Tuesday’s afternoon trading on the Nasdaq.
The company’s valuation increased to almost $10 billion (£7.9 billion) in a matter of hours, but its peak value of $74 per share vanished before the market closed. LSEG data shows that the stock closed at $58 on the day.
It was the most moving stock on US exchanges, according to analysts, and investors were primarily fans of Mr. Trump ahead of the impending presidential election rather than institutions.
The initials of Mr. Trump, DJT, were used as the ticker name for the shares, lending them a personal touch as he battles to collect money for his presidential candidacy and deals with a backlog of large legal fees stemming from four criminal trials.
Only after a merger with Digital World Acquisition Corp., a publicly traded dummy business, was the stock market listing feasible.
After receiving regulatory approval, the two-year-old deal was finalized earlier this week, enabling that business to change its name to TMTG.
