Trump’s Truth Social spikes in first day of trading on Nasdaq [Video]

Shares in the parent company of former President Donald Trump’s social media platform Truth Social rose 16% on it first day on the Nasdaq stock exchange.

Shares for Trump Media & Technology Group Corp. (DJT) surged by more than 40% in the first two hours of trading to about $70 per share. The stock began to settle later in the day, closing at nearly $60.

Trading was so intense at point point during the day, there was a brief pause in trading of DJT to allow investors time to address the stock’s extreme volatility.

SEE MORE: Truth Social will go public on Tuesday, and could net Trump billions

Trump’s social media company went public for the first time Tuesday morning after a merger with Digital World Acquisition Corp. was approved last week. The former president holds some 79 million shares in the newly combined company, giving him a 60% majority ownership and adding billions of …