Trump Media & Technology Group, a subsidiary of Truth Social, has merged with Digital World Acquisition Corp. (DWAC), resulting in a significant increase in shares.
The merger was approved by DWAC's shareholders on Friday, leading to a surge in the company's stock.
Trump Media's stock, whose new ticker corresponds to the former president's initials, gained nearly 60% in the first half hour of trading.
Trump owns about 80 million shares in the company, worth more than $4.6 billion as of Tuesday's close.
The company has not announced any changes to the merger terms, which prevent shares held by the ex-president and other stakeholders from being sold until a six-month lock-up period has passed.