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March 26 (UPI) — Stocks of former President Donald Trump‘s media company Truth Social rose by about 50% shortly after the stock premiered on the Nasdaq Tuesday before dropping somewhat by the end of the trading day.
Trump Media & Technology Group premiered on the exchange Tuesday under the DJT symbol.
The company is being led by former California Republican Rep. Devin Nunes.
By the end of the trading day, the stock closed at $57.99 per share, which was a gain of 16%, according to CBS News.
On Monday, Trump’s Truth Social media company completed its merger with a partner shell company, Digital World Acquisition Corp., to allow it to be traded publicly.
Trump will own at least 58% of the company, according to Securities and Exchange Commission documents.
Trump’s stake initially was valued at $3 billion, though there are restrictions to how and when the former president can access the assets.
The nature of the company and its board has led to speculation that Trump could use the company for a stock buy-out to pay for a civil fraud judgement that was slashed from $464 million to $175 million on Monday.
The media company is the second time a Trump company has appeared on the stock market. In 1995, Trump Hotels Casinos & Resorts appeared on the stock market, also under the initials DJT. In 2004, that company filed for bankruptcy.