For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day. Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.” The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day. Despite the late day slide, Wall Street is still assigning Trump Media an eye popping valuation of nearly $11 billion � a price tag that experts warn is untethered to reality. Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday � investors’ first opportunity to trade the stock after the merger, under the new DJT ticker.Watch Listen Live TV Markets DOW S&P 500 NASDAQ Hot Stocks Fear & Greed Index Latest Market News FTC investigating TikTok over privacy and security NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on air rebellion Boeing’s embattled CEO is poised to walk away with millions Business / Markets Trump’s Truth Social is now a public company. Experts warn its multibillion dollar valuation defies logic By Matt Egan, CNN 7 minute read Updated 4:26 PM EDT, Tue March 26, 2024 screengrab kara swisher 'My podcast makes more': Kara Swisher reacts to Trump's Truth Social going public 01:37 Source: CNN screengrab kara swisher 'My podcast makes more': Kara Swisher reacts to Trump's Truth Social going public 01:37 wozniak Apple co founder calls out 'hypocrisy' of politicians calling for TikTok ban 02:06 FILE PHOTO: Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo Donald Trump may be on the verge of a massive financial win 02:52 FILE Zhong Shanshan, Chairman of Nongfu Spring Co., Ltd., delivers a speech at a press conference in Beijing, China, May 6, 2013. Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market. The stock opened at 39.80 Hong Kong dollars per share ($5.14), more than 85% higher than its initial public offering price of 21.50 Hong Kong dollars ($2.77). *** Local Caption *** fachaoshi (Photo by Jiang Xin/ChinaImages/Sipa USA) See why some Chinese people are boycotting a popular brand 02:10 Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 3, 2024, in New York City. Wall Street stocks slumped to start Wednesday with all three major US indices in the red and key names such as Facebook parent Meta Platforms and Nvidia falling. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images) The stock market set a new record. Here's what that means for the economy 02:06 ewaste 1 Why you should think twice before buying a new phone 02:16 ROCK HILL, SOUTH CAROLINA FEBRUARY 23: Republican presidential candidate and former President Donald Trump speaks during a Get Out The Vote rally at Winthrop University on February 23, 2024 in Rock Hill, South Carolina. Former President Trump is campaigning in South Carolina ahead of the state's Republican presidential primary on February 24. (Photo by Win McNamee/Getty Images) Real estate CEO says Trump could sell Mar a Lago 'quickly' to secure $464 million bond 01:10 boeing ventas reporte ligera mejora venta entrega aviones cnn dinero_00011227.png Boeing issues alert about pilot seats after mid air nosedive 02:36 A shopper carries bags as she leaves Macys department store in New York on Black Friday, November 27, 2020. The coronavirus is clouding Black Friday much as it has overshadowed 2020 in general, but some leading experts still expect strong overall sales even as shopping patterns are altered. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images) Macy's downsizing stores to reinvest in luxury retail 01:06 Methane Satellite vpx 2 How this new methane satellite will hold government and companies accountable 02:07 split marc stewart starbucks pork latte CNN reporter tries Starbucks' unconventional new latte flavor 01:04 kevin o'leary lcl 02192024 'Shark Tank' star says Trump engaged in regular behavior for real estate development 01:24 woman drinking stanley cup This water bottle TikTok sensation is now facing scrutiny 03:05 Customers complain of rising food prices Watch McDonald's customers criticize the high food prices 02:11 Young adult empty wallet STOCK The newest financial TikTok trend is the opposite of 'quiet luxury' 02:56 scott stein cnet apple headset Apple's new headset just dropped: Will you pay $3,500? 03:25 See More Videos New York CNN � For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day. Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.” The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day. Despite the late day slide, Wall Street is still assigning Trump Media an eye popping valuation of nearly $11 billion � a price tag that experts warn is untethered to reality. Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday � investors’ first opportunity to trade the stock after the merger, under the new DJT ticker. Republican presidential candidate former President Donald Trump speaks at a campaign rally Saturday, March 9, 2024, in Rome Ga. RELATED ARTICLE Trump is about to get $3 billion richer after deal is approved to take his company public. But it won’t solve his cash crunch The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users. “This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years. Ritter said the closest parallel would be GameStop, AMC and other so called meme stocks that skyrocketed during Covid 19 as an army of retail traders piled in. He said Trump Media is likely worth somewhere around $2 a share nowhere near its closing stock price of $58.

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For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day. Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.” The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day. Despite the late day slide, Wall Street is still assigning Trump Media an eye popping valuation of nearly $11 billion � a price tag that experts warn is untethered to reality. Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday � investors’ first opportunity to trade the stock after the merger, under the new DJT ticker.Watch Listen Live TV Markets DOW S&P 500 NASDAQ Hot Stocks Fear & Greed Index Latest Market News FTC investigating TikTok over privacy and security NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on air rebellion Boeing’s embattled CEO is poised to walk away with millions Business / Markets Trump’s Truth Social is now a public company. Experts warn its multibillion dollar valuation defies logic By Matt Egan, CNN 7 minute read Updated 4:26 PM EDT, Tue March 26, 2024 screengrab kara swisher 'My podcast makes more': Kara Swisher reacts to Trump's Truth Social going public 01:37 Source: CNN screengrab kara swisher 'My podcast makes more': Kara Swisher reacts to Trump's Truth Social going public 01:37 wozniak Apple co founder calls out 'hypocrisy' of politicians calling for TikTok ban 02:06 FILE PHOTO: Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo Donald Trump may be on the verge of a massive financial win 02:52 FILE Zhong Shanshan, Chairman of Nongfu Spring Co., Ltd., delivers a speech at a press conference in Beijing, China, May 6, 2013. Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market. The stock opened at 39.80 Hong Kong dollars per share ($5.14), more than 85% higher than its initial public offering price of 21.50 Hong Kong dollars ($2.77). *** Local Caption *** fachaoshi (Photo by Jiang Xin/ChinaImages/Sipa USA) See why some Chinese people are boycotting a popular brand 02:10 Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 3, 2024, in New York City. Wall Street stocks slumped to start Wednesday with all three major US indices in the red and key names such as Facebook parent Meta Platforms and Nvidia falling. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images) The stock market set a new record. Here's what that means for the economy 02:06 ewaste 1 Why you should think twice before buying a new phone 02:16 ROCK HILL, SOUTH CAROLINA FEBRUARY 23: Republican presidential candidate and former President Donald Trump speaks during a Get Out The Vote rally at Winthrop University on February 23, 2024 in Rock Hill, South Carolina. Former President Trump is campaigning in South Carolina ahead of the state's Republican presidential primary on February 24. (Photo by Win McNamee/Getty Images) Real estate CEO says Trump could sell Mar a Lago 'quickly' to secure $464 million bond 01:10 boeing ventas reporte ligera mejora venta entrega aviones cnn dinero_00011227.png Boeing issues alert about pilot seats after mid air nosedive 02:36 A shopper carries bags as she leaves Macys department store in New York on Black Friday, November 27, 2020. The coronavirus is clouding Black Friday much as it has overshadowed 2020 in general, but some leading experts still expect strong overall sales even as shopping patterns are altered. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images) Macy's downsizing stores to reinvest in luxury retail 01:06 Methane Satellite vpx 2 How this new methane satellite will hold government and companies accountable 02:07 split marc stewart starbucks pork latte CNN reporter tries Starbucks' unconventional new latte flavor 01:04 kevin o'leary lcl 02192024 'Shark Tank' star says Trump engaged in regular behavior for real estate development 01:24 woman drinking stanley cup This water bottle TikTok sensation is now facing scrutiny 03:05 Customers complain of rising food prices Watch McDonald's customers criticize the high food prices 02:11 Young adult empty wallet STOCK The newest financial TikTok trend is the opposite of 'quiet luxury' 02:56 scott stein cnet apple headset Apple's new headset just dropped: Will you pay $3,500? 03:25 See More Videos New York CNN � For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day. Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.” The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day. Despite the late day slide, Wall Street is still assigning Trump Media an eye popping valuation of nearly $11 billion � a price tag that experts warn is untethered to reality. Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday � investors’ first opportunity to trade the stock after the merger, under the new DJT ticker. Republican presidential candidate former President Donald Trump speaks at a campaign rally Saturday, March 9, 2024, in Rome Ga. RELATED ARTICLE Trump is about to get $3 billion richer after deal is approved to take his company public. But it won’t solve his cash crunch The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users. “This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years. Ritter said the closest parallel would be GameStop, AMC and other so called meme stocks that skyrocketed during Covid 19 as an army of retail traders piled in. He said Trump Media is likely worth somewhere around $2 a share nowhere near its closing stock price of $58.