Finance News
Trump Media shares surge in market debut
Mark Luschini, chief investment strategist at Janney Montgomery Scott, weighs in as Trump Media is slated to start trading under DJT and bitcoin spikes to head off the week.
Shares of former President Donald Trump’s social media company surged on Tuesday morning during its first day of trading on the Nasdaq.
Trump Media & Technology Group’s stock climbed about 50% at the opening bell before being halted briefly due to volatility.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 69.36 | +19.41 | +38.86% |
The company is the parent of the social media app Truth Social.
Trump Media & Technology Group went public through a merger with the use of a special purpose acquisition company, Digital World Acquisition Corp. (DWAC), which approved the merger last week.
TRUMP’S STOCK RALLIES AHEAD OF LISTING AND APPEALS COURT WIN ON CIVIL FRAUD BOND
Trump Media stock soared in its stock market debut. (Photo by Sean Rayford/Getty Images / Getty Images)
Trump owns nearly 80 million shares in the company, giving him ownership of about 58% of the new legal entity. That stake – which was initially valued at about $3.3 billion – rose closer to $4 billion ahead of its stock market debut.
While those assets could provide the former president with a cash infusion as he deals with expensive legal battles in civil and criminal court, Trump may be unable to access those funds for a period of time due to restrictions on the stock following its initial public offering (IPO).
KEVIN O’LEARY WARNS NY TRUMP FRAUD CASE IS ‘CONCERNING FINANCIAL MARKETS’ AROUND THE WORLD
Former President Donald Trump secured a win in appeals court that reduced the required bond for his civil fraud judgment appeal to $175 million from $454 million. (James Devaney/GC Images / Getty Images)
Leading shareholders in IPOs are often subject to restrictions that require them to hold their shares for at least six months as a means of protecting those who purchased the stock post-IPO from unanticipated volatility caused by a large quantity of shares being sold unexpectedly. Such restrictions also apply to other arrangements like taking out a loan against the value of the stock.
The company’s board could waive those restrictions to allow Trump to sell his shares earlier than six months. However, the need for such an arrangement may have been negated by Monday’s ruling by a New York appeals court in Trump’s civil fraud case that reduced his required bond from the full $454 million judgment against him to $175 million while he appeals the underlying ruling.
Social media app Truth Social is a subsidiary of Trump Media & Technology Group. (Photo by Anna Barclay/Getty Images / Getty Images)
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The former president said that he’ll be able to cover that smaller amount using “either a bond, equivalent securities, or cash.”
This comes after his legal team said they were unable to secure a bond covering the $454 million judgment, which raised the prospect of the state of New York moving to seize his assets.
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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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.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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