Truth Social gains $1.4b

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The recent debut of Truth Social's parent company, Trump Media & Technology Group Corp., on the stock market has generated significant financial gains, marking a notable event in the financial markets. On its second day of trading, the company's market value surged by as much as $1.4 billion, reaching a market capitalization of $9.7 billion at its peak when shares hit an intraday high of $71.93. By the afternoon, the stock price adjusted to $66.41, reflecting an approximate 15% increase from its opening. This follows an impressive 59% jump on its first day of trading. These developments have substantially increased former President Donald Trump's net worth, given his approximately 58% ownership stake in the company. After the stock's strong performance on its second day, Trump Media's valuation stands at about $7.5 billion. However, it's important to note that these financial gains are, for the moment, theoretical for Trump, as he is subject to a six-month lock-up period during which he cannot sell his shares. There is a possibility for this restriction to be waived by the company's board, which includes close allies and family members of Trump, potentially allowing him to sell shares earlier. This surge in market value comes at a pivotal time for Trump, who faces significant legal expenses and financial judgments.
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