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Shares In Truth Social Parent Trim Initial Gains But Still Impress In Nasdaq Debut, Boosting Value Of Donald Trump’s Majority Stake To $4.5B
Shares in Truth Social's parent pared early gains but still rose 16% in their Nasdaq debut, boosting the value of Donald Trump's stake.
The start of trading for the stock, which resulted from a SPAC merger finalized last week, was not accompanied by the usual Wall Street pageantry of an opening-bell ceremony or a gladhanding photo shoot. A judge on Monday gave him a reprieve in a civil fraud case in New York, slashing the amount of his bond payment to $175 million and giving him an additional 10 days to post it. That restriction, which prevent a shareholder from selling or taking loans against their position in a stock, aims to limit the threat of immediate sales by major stakeholders, which could then trigger a wider sell-off.
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