Trump's media firm valued at $8 billion in Wall St debut

Shares of Donald Trump's Trump Media & Technology Group surged as much as 59% yesterday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential windfall as he grapples with the costs of several legal cases.

Digital World and the newly listed TMTG have together surged almost 600% since the deal was announced, cementing TMTG's status as one of Wall Street's so-called meme stocks popular among retail traders and whose movement can be driven by posts on social media. Trading in the shares under the new ticker"DJT" was briefly halted just after the opening bell due to volatility.

Trump, who is facing four criminal trials in his race to US presidency, has been struggling to raise money for his campaign and legal expenses. "Today's price action and valuation are completely out of kilter with the underlying business and its prospects," said AJ Bell investment analyst Dan Coatsworth.Truth Social, launched in February 2022, sought to capitalise on the ban on Trump's accounts across social media platforms such as Twitter, now X, and those run by Meta Platforms. It also played to users who believe other social media platforms have restricted conservative voices.

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