Trending tickers: Trump Media, Tesla, Bitcoin and DS Smith
Former US president Donald Trump’s media firm, Trump Media & Technology Group, had a successful stock market debut in New York, with shares soaring past $70 in early trade. The firm ended the day at about $58, up more than 16%, giving it a market value of over $9bn. The company, behind the Truth Social platform, is now listed on the Nasdaq stock exchange under the ticker symbol DJT after merging with blank-cheque company Digital World Acquisition Corp.
Trump, who owns 58% of the shares, is the biggest beneficiary of the price surge, but is barred from selling his shares for six months. Analysts suggest that investors are mainly supporters of Trump ahead of the upcoming presidential election. In other news from the stock market, Tesla shares rose in premarket trading after CEO Elon Musk announced a free trial of its driver-assist technology for US customers. Musk has long touted the Full Self-Driving software as a potential profit generator for the company.
On the cryptocurrency front, Bitcoin has fallen below $70,000 but analysts remain bullish with predictions of hitting $100,000 in the near future. Meanwhile, DS Smith saw a stock surge of over 7% after confirming talks with US rival International Paper Co., opening the possibility of a bidding war for the UK packaging company.
Overall, the stock market saw a mix of excitement and optimism with various companies experiencing significant gains and developments. Trump’s media firm and Tesla both made headlines with their respective announcements, while cryptocurrency and other companies also saw notable movements in their stock prices. Investors will be closely watching these developments as they navigate the ever-changing landscape of the stock market.