Finance News

The owner of Truth Social has successfully completed a deal to go public, effectively doubling the estimated net worth of Donald Trump.

Published

1 year ago

March 26, 2024

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The owner of Truth Social has successfully completed a deal to go public, effectively doubling the estimated net worth of Donald Trump.

Owner of Truth Social finalizes deal to become publicly traded, increasing Donald Trump’s estimated net worth.,

Stefani Reynolds/AFP/Getty Images

A phone screen displays the Truth Social app in Washington, DC, on February 21, 2022.

New York
CNN
—

Truth Social owner Trump Media & Technology Group has finalized its deal to go public, creating a massive windfall for former President Donald Trump that doubles his net worth.

After Trump Media announced it will make its stock market debut on Tuesday, Trump for the first time joined the list of the world’s 500 wealthiest people on the Bloomberg Billionaires Index.

Bloomberg estimated Trump’s net worth spiked by $4 billion on Monday alone, giving him a fortune of $6.5 billion.

The closing of the merger between Trump Media and Digital World Acquisition Corp. amounts to a multi-billion dollar windfall for Trump, who is the chairman and dominant shareholder of the new company.

News of the merger’s completion propelled shares of Digital World up 21%. Buying continued Monday afternoon, boosting Digital World 39% higher on the day to around $51. At current prices, Trump’s stake is valued at about $4 billion. However, there are lock-up restrictions that would likely prevent Trump from selling or even borrowing against the value of that stock for months.

Trading of the new company under the ticker symbol “DJT” on the Nasdaq Stock Market is set to begin on Tuesday, the companies said.

Devin Nunes, the CEO of the combined company, said in a statement that the business will move to “reclaim the Internet from Big Tech censors.”

“We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors,” Nunes said.

Shares of Digital World Acquisition Corp (DWAC), the shell company that now owns Truth Social, surged more than 20% on Monday. The stock is up over 170% over the past six months.

Experts warn that the market is overvaluing Trump Media given the company’s fundamentals.

Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings. The company posted a net loss of $49 million over that span.

Meanwhile, Truth Social’s user base is shrinking – more so than that of X, the company formerly known as Twitter.

The number of Truth Social’s US monthly active users on iOS and Android is down 39% year-over-year, according to Similarweb data shared with CNN earlier this month.

In anticipation of its merger with Trump Media, trading of DWAC shares had embodied the same kind of frenzy shown in Tupperware’s stock surge last July, or that of meme stocks AMC Entertainment and GameStop during the height of the pandemic. On Truth Social, there are more than 8,000 members in a chat group titled “The DWAC Shareholder Group,” where users discuss the shareholder vote to approve the merger and post memes and supportive messages.

Contributing: CNN’s Elisabeth Buchwald and Krystal Hur.

This story has been updated with additional context.

FAQ:

Q: What are the financial implications of Trump Media’s merger with Digital World Acquisition Corp?

A: The merger between Trump Media Group and Digital World Acquisition Corp resulted in a significant windfall for former President Donald Trump, doubling his net worth. The market responded positively, with shares of Digital World surging and Trump’s stake being valued at about $4 billion. However, there are lock-up restrictions in place that may limit Trump’s ability to sell or borrow against his stock for a period of time.

Q: What concerns have experts raised about the valuation of Trump Media?

A: Experts have warned that the market may be overvaluing Trump Media, citing the company’s relatively low revenue and significant net loss in recent financial filings. Additionally, the user base of Truth Social, owned by Trump Media, has shown a decline compared to other social media platforms.

Q: How has the market reacted to the merger and trading of DWAC shares?

A: Trading of DWAC shares leading up to and following the merger with Trump Media exhibited a high level of speculative trading activity reminiscent of meme stock frenzies seen in the past. While the stock surged, experts caution that the fundamentals of the company may not justify its market valuation.

Finance News

JPMorgan CEO Jamie Dimon to allow Bitcoin at the bank

Published

3 weeks ago

May 20, 2025

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JPMorgan CEO Jamie Dimon to allow Bitcoin at the bank

Bespoke Investment Group co-founder Paul Hickey breaks down the current volatility in the market and discusses his current favorite investment opportunities on ‘Making Money.’

JPMorgan CEO Jamie Dimon still isn’t a fan of Bitcoin but he’s not letting his personal feelings get in the way of business at the bank.

“When I look at the Bitcoin universe, the leverage in the system, the misuse,” he said at the company’s annual investor day Monday in New York. Noting that bad actors can use it for sex trafficking and terrorism.

“I am not a fan of it. We are going to allow you to buy it. And we’re not going to custody it. We’re going to do is put it on statements for clients. So, you know, I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it”, he added.

JPMorgan Chase CEO Jamie Dimon Speaks at Investor Day 5/19

At JPMorgan’s Investor Day, Dimon said the bank will now allow clients to buy Bitcoin but that policy hasn’t changed his view on the cryptocurrency. (JP Morgan)

Bitcoin, the largest crypto by market value, is just shy of its all-time high of $106,734.51 reached last year.

DIMON SOUNDS OFF ON HIGH MORTGAGE RATES, LAYS BLAME

Dimon has long been a critic of Bitcoin, including these remarks from 2021:

“I personally think that Bitcoin is worthless,” Dimon said while speaking at a virtual event hosted by the Institute of International Finance. “But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me.” Dimon has also likened the crypto to “fools gold.”

Shares of JPMorgan Chase are up over 10% outperforming the S&P 500 which is flat for the year.

In January 2024, the Securities and Exchange Commission greenlighted the first Bitcoin exchange-traded fund, prompting a slew of firms to launch their own, making the asset class more accessible for both institutional and retail investors.

Ticker	Security	Last	Change	Change %
IBIT	ISHARES BITCOIN TRUST – USD ACC	60.66	+0.68	+1.13%
FBTC	FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC	93.14	+0.98	+1.06%
GBTC	GRAYSCALE BITCOIN TRUST ETF – USD ACC	84.12	+0.88	+1.06%

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iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF and Grayscale Bitcoin Trust ETF are currently the largest funds by assets under management, as tracked by ETF.com.

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Finance News

Credit Repair Hacking – Boost Your Credit Score

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3 weeks ago

May 16, 2025

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Finance News

Bertucci’s files for Chapter 11 bankruptcy protection, closes restaurants

Published

1 month ago

April 30, 2025

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Bertucci’s files for Chapter 11 bankruptcy protection, closes restaurants

Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’

Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.

The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.

Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.

RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION

Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)

The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.

FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS

“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.

Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.

TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY

The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.

In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.