Truth, Trump Media's Wall Street debut: immediately +40%.

Shares of Donald Trump's social media company jumped 40% on the first day of trading on the Nasdaq, driving up the value of the former president's large stake in the company. Trump Media & Technology Group operates the social media platform Truth Social. Prior to the start of trading, Trump Media's market value was around $6.8 billion, a figure that is set to rise sharply if the stock's early gains are confirmed. The shares are listed under the symbol 'DJT'. Trump owns almost 60 per cent of the company.

Trump Media & Technology Group's stock was already up sharply in premarket trading after its merger with Digital World Acquisition (Dwac) was finalised, which today bought it on the stock exchange. The deal gives Trump's media group, which includes the Truth Social platform, the capital it needs to tackle a number of legal and financial issues involving the former US president.

Also helping him was the decision of thousands of Dwac shareholders, some five thousand, to reject the merger with Trump's group, accepting $10.87 for each share held, for a loss of 75% compared to last Wednesday's close - the last available day - at $42.90. Yesterday, Dwac's stock gained 35.22%, closing at $49.95, before the ticker changed to DJT, the former president's initials. Trump will have over 78 million shares in the new company, almost 70 per cent of the total, for a value that increased by $1.02 billion yesterday alone, for a total - at yesterday's close - of $3.93 billion.

Technically Trump, for the third consecutive Republican candidate for the White House, will not be able to sell the stock for at least six months, but he may ask shareholders to allow him to do so immediately, so that he has available cash. Right now, the stock gains 25.7 per cent to $62.79 in premarket trading.