Trump Media & Technology Group (TMTG) hit the New York Stock Exchange on March 26, merging with a special purpose acquisition company (SPAC) called Digital World Acquisition Corp., which was created for the sole purpose of taking another company public.

Efe now recalls, in an article signed by Nora Quintanilla, that this SPAC, which went from being worth less than $50 per share on the eve of its listing to reaching $70 after merging with TMTG.

There were even a few hours when it reached $79.

This was good news for Trump, the majority shareholder, with a stake of around 60%, although a clause prevents him from selling shares until September, which means that his net worth is linked to the performance of the listed company and that this money is blocked at a time when he needs liquidity.

However, the financial fundamentals that TMTG has disclosed so far, and those privileged by analysts and investors, reveal an unflattering picture, with losses of $58 million in 2023, forecasts of negative future results and the exposure of weak internal controls.

This situation has made TMTG attractive to speculators known as 'short-sellers', corresponding to funds or individuals who make money by betting on the devaluation of a listed company and popularized the concept of 'meme stock', applied to volatile stocks such as GameStop or AMC.

After the start of the criminal trial against the former president in New York, TMTG shares fell 15% and fell another 10% after it announced its commitment to streaming television.

In any case, the expectation with the entry into the stock market of Trump's company, which initially boosted the price, gave way to a logic of privileging money over politics, which is causing headaches for TMTG directors.

The company's CEO, Devin Nunes, a former Republican Party leader, asked Nasdaq executives for help in dealing with what he considers to be stock "manipulation", accusing four firms that account for 60% of its trading volume.

One of the targets, the investment fund Citadel, assured that it follows the law and called Nunes "a proverbial loser", a language that has a history, since Citadel's manager, Ken Griffith, supported Nunes' campaign for Congress, before he switched to Trump Media, and also supported Nikki Haley, who contested the Republican nomination for the next presidential election with Trump.

Political disputes and stock market speculation aside, Trump Media closes its first month with the share at $40 and a capitalization of $5.770 billion, a midpoint between the initial high of $70 and the low of $22 it recorded when the trial began.

Trump faces high fines after the Trump Organization's fraud trials and defamation against writer E. Jean Carroll, as well as expenses from other lawsuits, not to mention his campaign as the leading Republican candidate for the White House.

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