Trump Media, owner of the Truth Social app, has seen a series of gains for its DJT ticker, even after majority shareholder Donald Trump earned extra shares.
Trump Media shares opened trading higher, breaking the $50 per share threshold for the first time in nearly a month.
Trump Media, which trades under the DJT ticker, rose by more than 8% in early trading, before pulling back a bit.app, has seen its share price increase by more than 50% in the past week. However, the stock is still trading well below the more than $70 per share it opened at in its public trading debut on March 26.
Trump, who already owned more than 78 million shares, received the windfall because the share price remained above a benchmark of $17.50 for 20 trading days over the month since the stock began being publicly traded. Trump''s stake in Trump Media now stands at 65% of the company's shares, and is worth $5.7 billion at a share price of $50.The former president is barred from selling those shares during the six-month period following the execution of Trump Media's merger with the shell company Digital World Acquisition Corp. in late March., and as the firm has encouraged shareholders to take steps that would prevent their stock frrom being loaned for short selling trades.
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