- Donald Trump’s initials are publicly tradeable again.
- Truth Social’s parent company has been relisted under the former president’s name.
- Trump’s 2024 campaign will loom over the future of his media company.
Former President Donald Trump is a publicly tradeable asset once again.
Trump’s initials are one of the new stock symbols for Truth Social’s parent company. The occurrence itself is largely a formality, Nasdaq follows a national plan that governs how the symbols are doled out in one to four English letter combinations. Symbols can range from the fairly obvious AAPL (Apple) to the playful, motorcycle maker Harley-Davidson uses HOG on the New York Stock Exchange.
Trump’s political fortunes will be closely tied to Truth Social’s parent, Trump Media & Technology Group. The former president looms so large that the company told investors it could not adequately compare Truth to any other social media platform “given its affiliation with former President Trump and unique market positioning.”
As for his actual fortune, the former president’s stake in Trump Media is estimated to have made him one of the 500 richest people in the world.
As president, Trump found ways to continue to promote his businesses even as the relationship created conflicts of interest and enraged some constitutional scholars over concerns about the emoluments clause.
Trump already has one noticeable investor.
It's not hard to foresee how his relationship with Truth Social could raise similar eyebrows.
In December, billionaire Jeffrey Yass' firm Susquehanna International Group owned roughly 2% of the shell company that was specifically made to merge with Trump Media. As The New York Times pointed out, it's unclear if Yass' firm still holds those shares. Firms don't regularly have to disclose such holdings. But what is clear is that Yass could play a major role in Trump's orbit.
The former president recently met with Yass amid a reported push to get big money behind his campaign, which is currently lagging behind Biden in fundraising. At the same time, Trump also backed away from pushing for a ban on TikTok, a popular social media app that Susquehanna holds a 15% stake in. Trump said he and Yass did not discuss the app, but the timing of Trump's move caught significant attention.
Trump's campaign also openly promotes the former president's statements that he posts on Truth. The former president could easily use the platform to make major news announcements, such as releasing his vice presidential pick. Trump Media's board comprises the former president's allies, former administration officials, and even his eldest son, Donald Trump Jr.
Tuesday is not the first time Trump's initials have been publicly traded.
The then-future president used the same ticker symbol for Trump Hotels and Casino Resorts, which went public in 1995. By 2004, the company was delisted from the New York Stock Exchange after filing for Chapter 11 bankruptcy protection. Shareholders later complained about Trump's management of the company which owned several Atlantic City casinos.