With no time left to spare before New York Attorney General Letitia James tried to fine Donald Trump nearly half a billion dollars over her farcical anti-fraud crusade, the former president was handed two lifelines. First, an appeals court massively slashed Teflon Don’s required payment to a $175 million bond. Second, and perhaps more consequentially, the first Trump property in almost 30 years went public, with Trump Media & Technology Group trading on the Nasdaq composite under the ticker $DJT.
Merging with Digital World Acquisition Corp., a special purpose acquisition company designed to take Trump’s Truth Social public, March 25’s launch of TMTG was an effective IPO for the social media platform. In the post-pandemic economy, when the Federal Reserve’s monetary tightening has slaughtered scores of supposed tech unicorns dependent on the long-gone days of easy money, it’s impossible to characterize Truth Social’s IPO as anything less than a blockbuster.
