Shares in former US president Donald Trump’s media firm have soared on their stock market debut in New York, leaving his majority holding worth almost $6bn (£4.8bn) on paper at one stage.
Trump Media & Technology Group (TMTG), the vehicle for his social media rival to X called Truth Social, gained 50% on the Nasdaq on Tuesday afternoon dealing.
It took the company’s valuation beyond $10bn (£7.9bn) within hours but the peak value, at $74 per share, faded away ahead of the market close. The stock ended the day at $58, according to LSEG data.
Analysts suggested that investors were mostly supporters of Mr Trump ahead of the looming presidential election rather than institutions and that it was the most trending stock on US exchanges.
The shares were trading under the ticker name of DJT – Mr Trump’s initials – giving it a personal stamp as he faces a series of big legal bills from four criminal trials and struggles to raise funds for his bid for a new term in the White House.
The stock market listing was only possible due to a merger with a publicly-listed shell company called Digital World Acquisition Corp.
That deal, which was two years in the making, was completed earlier this week following regulatory approval, allowing that company to become TMTG.
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His use of the so-called special purpose acquisition firm (SPAC) to float TMTG meant he bypassed the traditional route to market through an Initial Public Offering.
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The share sale will give $300m to Truth Social, which claims to have tens of millions of users.
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Filings show it brought in $3.5m of revenue from its operations in the first nine months of 2023, with losses of ten times that sum.
Mr Trump launched Truth Social in 2022 after he was banned from Facebook and Twitter, now known as X.
Trump Media said in a statement: “We believe that the commencement of trading of DJT on the public markets testifies to Americans’ demands for free-speech platforms that reject the stifling censorship imposed by Big Tech.”
Thomas Hayes, chairman of Great Hill Capital, said: “The valuation of the business is rich relative to its underlying fundamentals, but I would not get in front of it in the near term.
“This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects.”
So-called lock-up rules prevent Mr Trump from accessing his 78.75 million shares in TMTG – a 69% stake – for at least six months.
However, it is believed that the board could grant him a waiver.
A Mexican navy ship has hit the Brooklyn Bridge during a promotional tour in New York City.
The New York Fire Department said authorities were responding to injuries but had no details about how many people might have been hurt or whether they were on the vessel or on the bridge.
Sky’s US partner network NBC News reports that at least three people were seriously injured in the incident.
The Mexican navy said in a post on X that the Cuauhtemoc, an academy training vessel, was damaged in the accident, which has prevented it from continuing its voyage.
Eyewitness video of the collision posted online showed the mast of the ship, which was flying a large Mexican flag, scraping the underneath of the bridge.
Image: Pic: AP
The vessel then drifted toward the edge of the river as onlookers scrambled away from shore.
The Mexican navy said the status of personnel and material was under review by naval and local authorities, which were providing assistance.
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The Cuauhtemoc is about 297ft long and 40ft wide, according to the Mexican navy. It sailed for the first time in 1982.
Image: Pic: AP
Each year, it sets out at the end of classes at the naval military school to finish cadets’ training.
It left the Mexican port of Acapulco, on the Pacific coast, on 6 April with 277 people onboard, the navy said at the time.
This breaking news story is being updated and more details will be published shortly.
One person has died in a bomb explosion near a reproductive health clinic in California, authorities have said.
The incident took place in Palm Springs, a city two hours east of Los Angeles, and is being investigated as a possible car explosion.
The city’s mayor Ron DeHarte said one person died in the blast, adding that the bomb was “either in or near” a vehicle. The deceased’s identity is not known, Palm Springs police said.
Dr Maher Abdallah, who runs the American Reproductive Centers clinic, told the Associated Press his facility was damaged but all staff were safe and accounted for.
The explosion damaged the office space where the practice conducts patient consultations, but the IVF lab and stored embryos were unharmed, he added.
“I really have no clue what happened,” he said. “Thank God today happened to be a day that we have no patients.”
Image: Debris covers the ground after the explosion. Pic: ABC7 Los Angeles/AP
In a statement posted on Facebook the clinic said it was “heartbroken” to learn someone died in the explosion and added: “Our deepest condolences go out to the individuals and families affected.”
It continued: “Our mission has always been to help build families, and in times like these, we are reminded of just how fragile and precious life is.
“In the face of this tragedy, we remain committed to creating hope – because we believe that healing begins with community, compassion, and care.
The clinic will be fully operational on Monday, it added.
“This moment has shaken us – but it has not stopped us. We will continue to serve with strength, love, and the hope that brings new life into the world,” the statement concluded.
Image: Pic: ABC7 Los Angeles/AP
The Palm Springs city government said in a post on Facebook that the explosion happened on North Indian Canyon Drive, near East Tachevah Drive, before 11am local time (6pm GMT).
A burned-out car can be seen in a parking lot behind the building in aerial footage.
The blast caved in the clinic’s roof and blew debris across four lanes of the road.
Another person said he was inside a cannabis dispensary nearby when he felt a massive explosion.
Nima Tabrizi said: “The building just shook, and we go outside and there’s massive cloud smoke.”
Investigators from the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives are travelling to the scene to help assess what happened.
California governor Gavin Newsom has been briefed on the explosion, his press office said.
A former FBI director has been interviewed by the US Secret Service over a social media post that Republicans say was a call for violence against President Donald Trump.
James Comey, who led the FBI from 2013 until he was fired in 2017 by Mr Trump during his first term in office, shared a photo of seashells appearing to form the numbers “86 47”.
Image: James Comey later removed the Instagram post. File pic: AP
He captioned the Instagram post: “Cool shell formation on my beach walk.”
Some have interpreted the post as a threat, alleging that 86 47 means to violently remove Mr Trump from office, including by assassination.
What does ’86 47′ mean?
The number 86 can be used as a verb in the US. It commonly means “to throw somebody out of a bar for being drunk or disorderly”.
One recent meaning of the term is “to kill”, according to the Merriam-Webster Dictionary, which said it had not adopted this meaning of 86 “due to its relative recency and sparseness of use”.
The number has previously been used in a political context by Matt Gaetz, who was President Donald Trump’s pick for attorney general but withdrew from consideration following a series of sexual misconduct allegations.
Mr Gaetz wrote: “We’ve now 86’d…” and listed political opponents he had sparred with who ended up stepping down.
Meanwhile, 47 is supposedly representing Mr Trump, who is the 47th US president.
Mr Comey later removed the post, saying he thought the numbers “were a political message” and that he was not aware that the numeric arrangement could be associated with violence.
“I didn’t realise some folks associate those numbers with violence. It never occurred to me, but I oppose violence of any kind, so I took the post down,” Mr Comey said.
Mr Trump rejected the former FBI director’s explanation, telling Fox News: “He knew exactly what that meant. A child knows what that meant… that meant assassination.”
Donald Trump Jr accused Mr Comey of “casually calling for my dad to be murdered”.
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US Homeland Security Secretary Kristi Noem confirmed in a post on X that Mr Comey had been interviewed as part of “an ongoing investigation” but gave no indication of whether he might face further action.
The Secret Service is part of the Department of Homeland Security.
White House deputy chief of staff Taylor Budowich said Mr Comey had put out “what can clearly be interpreted as a hit on the sitting president of the United States”.
“This is deeply concerning to all of us and is being taken seriously,” Mr Budowich wrote on X.
Another White House official James Blair said the post was a “Clarion Call (…) to terrorists & hostile regimes to kill the President of the United States as he travels in the Middle East”.
Mr Trump fired Mr Comey in May 2017 for botching an investigation into 2016 democratic presidential nominee Hillary Clinton, the White House said at the time.
While Mr Comey was the director of the FBI, the agency opened an investigation into possible collusion between the Trump 2016 presidential campaign and Russia to help get Mr Trump elected.