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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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Trump lashes out at court case news conference

The share sale will give $300m to Truth Social, which claims to have tens of millions of users.

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.”

Market experts were quick to jump on the numbers.

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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.

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Pete Hegseth makes Al Qaeda claim as US strikes eighth alleged drug boat

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Pete Hegseth makes Al Qaeda claim as US strikes eighth alleged drug boat

The US has launched its eighth strike against an alleged drug vessel – this time in the Pacific.

The US defence secretary Pete Hegseth revealed the “lethal kinetic” strike on social media.

In a video shared by Mr Hegseth, a small boat carrying brown packages explodes after being struck.

According to the US war secretary, the action killed two “narco-terrorists”, taking the death toll from all the strikes to at least 34 people.

“Yesterday, at the direction of President Trump, the Department of War conducted a lethal kinetic strike on a vessel being operated by a designated terrorist organisation and conducting narco-trafficking in the Eastern Pacific,” said Mr Hegseth.

“There were two narco-terrorists aboard during the strike, which was conducted in international waters. Both terrorists were killed, and no US forces were harmed.”

Mr Hegseth likened the alleged drug traffickers to the group behind the September 11 attacks, Islamist terror organisation Al Qaeda.

Pete Hegseth, pictured addressing a meeting at NATO on October 15, has revealed another strike on an alleged drug boat. Pic: AP
Image:
Pete Hegseth, pictured addressing a meeting at NATO on October 15, has revealed another strike on an alleged drug boat. Pic: AP

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“Just as Al Qaeda waged war on our homeland, these cartels are waging war on our border and our people,” Mr Hegseth said. “There will be no refuge or forgiveness – only justice.”

The seven previous US strikes had all targeted vessels in the Caribbean.

Amid a US military build up in the region and anxiety that Mr Trump may order military action against Venezuela, which the US president accuses of narcoterrorism, President Nicolas Maduro.has denied any connection to drug smuggling and said the boat strikes were a pretext for regime change.

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Putin-Trump Budapest meeting in doubt as official says ‘no plan for immediate future’

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Putin-Trump Budapest meeting in doubt as official says 'no plan for immediate future'

There are no plans for Donald Trump and Vladimir Putin to meet in person in the near future, according to a White House official.

The US leader later shed further light on the issue when asked why his planned summit in Hungary had been put on hold.

He said he did not want to have a wasted meeting, telling reporters in the Oval Office he had not made a determination about the talks he had wanted to hold.

The presidents last week agreed to meet in Budapest after a phone call Mr Trump called “extremely frank and trustful”.

The US leader suggested it was possible it could happen within a fortnight, though no date was set.

However, it appears that’s now off the table – and there are fears the meeting could be shelved altogether due to Russia‘s rigid stance on the Ukraine war.

The White House official, speaking to Sky’s US partner network NBC, said secretary of state Marco Rubio and Russian foreign minister Sergei Lavrov had spoken on Tuesday.

The call was described as “productive” but the official added there was no plan for the presidents to meet “in the immediate future”.

The last Trump-Putin meeting was in Alaska in August, but it ended without any meaningful progress towards a ceasefire.

The Budapest plan was announced shortly before Ukrainian President Volodymyr Zelenskyy travelled to Washington last Friday to try to get approval for long-range Tomahawk missiles.

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Why Tomahawks are off the table

Mr Zelenskyy accused the Russian leader of acting out of fear Ukraine could get the green light and the ability to hit targets far deeper into Russia.

In his nightly address on Tuesday, he said Russia “almost automatically became less interested in diplomacy” after it became clear Mr Trump had backed away from any decision on the Tomahawks.

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Professor Michael Clarke answers your questions on the Ukraine war.

Two US officials told Reuters that plans for the Budapest meeting had stalled over Russia’s insistence any peace deal must give it control of all of the Donbas region.

Those terms are said to have been reiterated over the weekend in a private communique known as a “no paper”.

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The Kremlin’s refusal to budge effectively rejects Mr Trump’s latest assessment that the frontlines should be frozen as they are.

The president shifted position last week after previously telling the UN General Assembly that Ukraine could win back all the land it has lost.

Read more:
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Ukraine and European nations issued a joint statement on Tuesday insisting “international borders must not be changed by force” and accusing Russia of “stalling tactics”.

But, in an apparent effort to keep the US leader onside, it added: “We strongly support President Trump’s position that the fighting should stop immediately, and that the current line of contact should be the starting point of negotiations.”

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Trump: ‘We can end this war quickly’

Kremlin spokesman Dmitry Peskov gave the impression his country was in no rush to arrange another Trump-Putin meeting, saying on Tuesday “preparation is needed, serious preparation”.

Such talk is likely to increase concerns Russia does not want to stop fighting and is “playing” President Trump – all while continuing to launch drone barrages at Ukrainian cities.

Russia currently holds about a fifth of Ukraine after its invasion in February in 2022. It also annexed the Crimean peninsula in 2014.

Meanwhile, NATO’s secretary general Mark Rutte is travelling to Washington to meet with President Trump on Wednesday.

He will “discuss various aspects related to NATO’s support to Ukraine and to the US-led efforts towards lasting peace”, an official for the alliance said.

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Why is Trump and Putin’s meeting off?

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Why is Trump and Putin's meeting off?

With Vladimir Putin and Donald Trump’s meeting in Budapest “on hold” for now, US correspondents Martha Kelner and Mark Stone unpick the US president’s latest position on the war in Ukraine.

Martha also chats to Huffington Post journalist SV Dáte about his run-in with White House Press Secretary Karoline Leavitt.

You can also watch all episodes on our YouTube channel.

Email us on trump100@sky.uk with your comments and questions.

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