Trump Media & Technology Group Corp. completed a merger with Digital World Acquisition Corp. after the successful IPO of Reddit. The move comes as former President Donald Trump celebrates a reduction in his bond amount while appealing a fraud conviction.
At Thursday’s close, Trump’s stake in his company, DJT, was valued at an impressive $4.88 billion, with a market capitalization of $8.84 billion. However, with only $5 million in revenue, some analysts are questioning the rationality of such high valuations.
Meanwhile, the S&P 500 has shown a strong rally of 26% since October, though periodic declines are expected. AI stocks, particularly Nvidia Corp., are showing promising growth potential in the market.
In other news, Boeing has implemented management changes amidst concerns over manufacturing quality, while Tesla’s stock price has fallen by 29% this year. Wedbush analyst has lowered the price target for Tesla.
FTX founder Sam Bankman-Fried has been sentenced to 25 years for fraud, however, victims are beginning to move on from the incident. Additionally, a cooling trend has been seen in some US housing markets, with the National Association of Realtors settling lawsuits on commissions.
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