TMTG shares to trade on NASDAQ under new ticker DJT

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TMTG shares to trade on NASDAQ under new ticker DJT

SARASOTA, Fla. - Trump Media & Technology Group (TMTG), the parent company of social media platform Truth Social, announced the start of trading of its common shares on the NASDAQ stock exchange today. Following the completion of a business combination with Digital World Acquisition Corp. (NASDAQ: DWAC), TMTG's shares will now trade under the ticker symbol "DJT," in reference to the company's former Chairman, Donald J. Trump.

The company's CEO, Devin Nunes, expressed that the move to public markets is a response to what he described as a demand for free-speech platforms. He stated that TMTG's mission is to provide a space for free expression without the constraints imposed by other major tech companies.

TMTG has positioned Truth Social as a platform that champions the freedom of speech, aiming to offer an alternative to what it perceives as "Big Tech's assault on free speech." This move to NASDAQ is seen as a significant step in the company's growth strategy, as it transitions from a private to a publicly traded entity.

The business combination and subsequent listing on the NASDAQ are part of TMTG's broader efforts to establish itself in the competitive social media landscape. The company has stated its commitment to maintaining a platform that vigorously defends the ability for users to express themselves freely.

It is important to note that the press release also included forward-looking statements regarding TMTG's expectations for future events, which are based on current assumptions and subject to risks and uncertainties. These statements are not guarantees of future performance, and actual results could differ materially.

The information for this article is based on a press release statement from TMTG.

InvestingPro Insights

As Digital World Acquisition Corp. (NASDAQ: DWAC) begins its new chapter on the NASDAQ with Truth Social's parent company, TMTG, investors are closely monitoring the stock's performance. According to InvestingPro real-time data, DWAC has a market capitalization of $1.86 billion, showcasing the significant scale of the company in the social media sector. Despite TMTG's recent entry into the public market, the stock has shown a remarkable one-week price total return of 37.15%, indicating strong investor enthusiasm.

However, the data also highlights some potential concerns. DWAC's price-to-earnings (P/E) ratio stands at a negative 70.68, with an adjusted P/E ratio for the last twelve months as of Q3 2023 at -267.25, signaling that the company is not currently profitable. This level of valuation could be a point of caution for potential investors, reflecting the company's growth-focused strategy rather than current earnings. Additionally, the return on assets for the same period is -8.4%, which could suggest challenges in generating profit from the company's assets.

In terms of stock dynamics, two InvestingPro Tips are particularly relevant for investors considering DWAC. The stock generally trades with high price volatility, which could attract traders looking for short-term opportunities but might be less appealing for those seeking stable investments. Furthermore, DWAC suffers from weak gross profit margins, which is a critical factor to consider when evaluating the company's financial health and long-term sustainability.

For those looking to delve deeper into DWAC's financial metrics and stock performance, InvestingPro offers a comprehensive set of additional tips. There are 11 more InvestingPro Tips available that can provide a more nuanced understanding of the company's financial position and market behavior. Access these insights by visiting https://www.investing.com/pro/DWAC and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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