Trump’s social media company gains in its first day of trading on Nasdaq WSOC TV [Video]

NEW YORK — (AP) — Shares of Donald Trump’s social media company rose about 16% in the first day of trading on the Nasdaq, boosting the value of Trump’s large stake in the company as well as the smaller holdings of fans who purchased shares as a show of support for the former president.

Trump Media & Technology Group Corp. merged Monday with a blank-check compan y called Digital World Acquisition Corp. Trump Media, which runs the social media platform Truth Social, has now taken Digital World’s place on the Nasdaq stock exchange.

Shares closed at $57.99, up 16.1%, giving the company a market value of $7.85 billion. At one point the stock was up about 59%. Trump holds a nearly 60% ownership stake in the company, now worth about $4.6 billion.

Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the …