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Truth Social parent makes stock market debut
Shares of former President Trump's media startup rose nearly 50 percent after debuting on the stock market Tuesday morning, briefly triggering a pause in trading.
© Yuki Iwamura/Bloomberg via Getty Images
Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday after a years-long effort to merge with a special purpose acquisition company (SPAC).
Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuesday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted. By market close, Trump Media stock was trading at around $58.
Shareholders in the SPAC, Digital World Acquisition Corp., approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall.
Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the completion of the merger.
Read more in a full report at TheHill.com.
Welcome to The Hill’s Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
Did someone forward you this newsletter? Subscribe here.
Essential Reads
How policy will be impacting the tech sector now and in the future:
Nearly a third of employed Americans under 30 used ChatGPT for work: Poll
More employed Americans have used the artificial intelligence (AI) tool ChatGPT for work since last year, with the biggest increase among the younger portion of the workforce, according to a Pew Research poll released Tuesday. The survey found that 31 percent of employed Americans between 18 and 29 surveyed in February said they have used ChatGPT for tasks at work, up from 12 percent who said the same last March. The number …
Full Story Warren, Sanders accuse Meta of blocking content related to Palestinians: ‘Deeply troubling’
Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) on Tuesday accused Meta of suppressing Palestine-related content on its platforms, calling its actions “deeply troubling.” Their letter, addressed to Meta CEO Mark Zuckerberg, is a follow-up to a December one Warren sent that was also about Instagram and Facebook suppressing Palestinian content. The senators say Meta’s response to the original letter “did not provide …
Full Story Trump joins Bloomberg’s 500 wealthiest list after Truth Social merger
Former President Trump is now one of the wealthiest people in the world after his media company, Truth Social, completed a merger that will see it debut on the stock market. Trump joined Bloomberg’s list of the world’s 500 richest people on Monday after the deal that could net him up to $4 billion was approved. A special-purpose acquisition company (SPAC) merged with Truth Social parent Trump Media & Technology Group Corp. …
Full Story The Refresh
News we've flagged from the intersection of tech and other topics:
Creators react to Instagrams limits on politics
Some Instagram creators are urging their followers to put on a setting to allow "political content" in their feeds in response to the platform automatically limiting those posts in a default setting, NBC News reported.
Apple announces developer conference
Apple announced that its annual World Wide Developer Conference will take place June 10 to 14 and said it will be "Absolutely Incredible," which seems to be a nod to Apple's artificial intelligence (AI) ambitions, TechCrunch reported.
On Our Radar
Upcoming news themes and events we're watching:
- The Institute of Global Politics at Columbia University's School of International and Public Affairs is co-hosting an event with Aspen Digital, a program of the Aspen Institute, about "AI's Impact on the 2024 Global Elections" Thursday at 1:30 p.m.
What Others are Reading
Two key stories on The Hill right now:
Why the tables turned, leaving conservatives as loser in spending fight
The tables have turned for House conservatives. Six months ago, emboldened by a new GOP majority and armed with new rules designed to rein in … Read more
Baltimore bridge collapses; Biden says feds will help rebuild it: Live updates
Six people are missing and a search-and-rescue operation is underway nearly 12 hours after a cargo ship crashed into Baltimore’s Francis Scott … Read more
What Others are Reading
Opinions related to tech submitted to The Hill:
- Some ancient Greek wisdom on why America shouldn’t ban TikTok
- Return-to-office mandates can’t fix stagnant post-COVID worker productivity
- The biggest threat from China is right under our noses — and on our screens
You're all caught up. See you tomorrow!
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Truth Social hits Wall Street
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27.03.2024
Welcome to The Hill's Technology newsletter {beacon}
Technology
Technology
The Big Story
Truth Social parent makes stock market debut
Shares of former President Trump's media startup rose nearly 50 percent after debuting on the stock market Tuesday morning, briefly triggering a pause in trading.
© Yuki Iwamura/Bloomberg via Getty Images
Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday after a years-long effort to merge with a special purpose acquisition company (SPAC).
Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuesday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted. By market close, Trump Media stock was trading at around $58.
Shareholders in the SPAC, Digital World Acquisition Corp., approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall.
Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the completion of the merger.
Read more in a full report at TheHill.com.
Welcome to The Hill’s Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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