Trump Media & Technology surges ahead of debut after SPAC merger

Phunware

26/03/2024 10:08

** Trump Media & Technology Group's (TMTG) shares  DJT.O  up
20% at $59.63 premarket, ahead of debut after merger with blank
check firm Digital World Acquisition  DWAC.O  on Monday
    ** Warrants of TMTG to begin trading with ticker "DJTWW"
    ** TMTG owns social media platform Truth Social and is
backed by former U.S. president Donald Trump
    ** Trump to own between 58.1% and 69.4% of TMTG, valued at
about $3.3 bln - a lifeline as he grapples with financial
fallout from numerous legal cases against him
    ** In February, Digital World said Trump may divest his
stake in Truth Social and cease involvement with management
based on how his bid for president progresses
    ** Shares of software developer Phunware  PHUN.O , which was
hired by Trump's 2020 presidential re-election campaign to build
a phone app, up 2.9% at $10.31
    ** Video-sharing platform Rumble  RUM.O , popular with
conservatives, adds 2% at $7.5 in choppy early trading    
    ** Up to last close, DWAC had nearly tripped in value YTD,
as Trump tightens his grip on the Republican nomination for
president

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))