Shares in Donald Trump's social media platform, Truth Social, have begun public trading on the Nasdaq stock market.
The move came after shareholders of Digital World Acquisition Corp voted to merge the two companies, meaning that Trump Media - which runs Truth Social - will take the former firm's place on the market.
Trump owns roughly 58% of the merged company, amounting to almost 80 million shares.
In line with Monday’s closing price of $49.95 a share, Trump's stock was therefore worth around $4 billion (€3.7 billion).
Hypothetically, this money could provide much needed support for the former president at a time when he is struggling financially, although it's unlikely he'll be able to access it immediately.
Unless the new firm grants him an exemption, he is barred from selling or transferring the shares until a six-month period has passed.
Trump was hit with a fraud fine in February of nearly $500 million (€460.7 million) after inflating his net worth to obtain favourable loans, and Trump Media is also in hot water, losing $49 million (€45.1 million) in the first three quarters of 2023.
Within this context, it could be argued that investors are making a risky bet by backing the company, but such enthusiasm can partially be explained by looking at the profiles in the group.
Many of Digital World's backers are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of professional investors.
That doesn't minimise the warning signs surrounding the deal, notably a probe by the US Securities and Exchange Commission.
Last year, Digital World Acquisition Corp announced that it had paid $18 million (€16.6 million) to settle fraud charges relating to how the merger proposal came together.
In a recent regulatory filing, the company also disclosed that it expected to lose money on its operations "for the foreseeable future", and cited Mr Trump as a potential risk factor.
As a controlling stockholder, Trump would be entitled to lead the company in a way which would suit his own interests, rather than benefiting all stockholders, it said.
