Former President Donald Trump’s new social media company Trump Media & Technology Group has already reached a worth of $8.2 billion after opening on the stock market to a buying frenzy.
The company’s shares shot up to as high as $175 during first week trading despite five stoppages. The price ended at $94.20 the first day.
Eric Balchunas, senior EFT for Bloomberg, noted Friday, “Wow, $DWAC traded $13b yesterday, that has to blow away the record for a SPAC. It was #2 most traded stock. Only $TSLA saw move dollar volume.”
— Eric Balchunas (@EricBalchunas) October 22, 2021
Bloomberg also reported Trump will own more than half of the company. Trump’s stock in the company after Friday is an estimated $4.8 billion.
The company has yet to release its first service, a new social media platform called Social Truth that is currently in beta form. Trump’s new media company also expects to offer additional services, such as cloud computing, to compete with current big tech groups.
If the new Trump brand is already spiking in worth prior to launching products and services, a successful social launch could send value even higher.
The new Trump media plans stand in addition to a variety of new conservative media platforms to emerge and grow in the wake of media censorship regarding COVID-19, voting fraud and the events of Jan. 6.