Trump Media & Technology Group. (DJT)
Shares of former President Donald Trump's media company soared on its stock market debut in New York and are now the most trending stock in after-hours trading.
Shares soared above $70 (£55.42) in early trading, giving the company a market value of more than $9 billion. It ended the day at around $58, still up more than 16%.
Trump Media & Technology Group, which runs his Truth Social platform, completed a merger with blank check company Digital World Acquisition Corp. on Monday and now trades on the Nasdaq under the ticker symbol DJT (Trump's initials). It is listed on the
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Trump, who owns 58% of the combined company before dilution, is the biggest beneficiary of the price hike. However, the terms of the merger prohibit Mr. Trump from selling his company's stock for six months.
Analysts suggested that investors were mostly Trump supporters, rather than institutional investors, ahead of the looming presidential election, making it the most trending stock on U.S. exchanges.
Tesla shares rose in pre-market trading after CEO Elon Musk announced that the company would offer free trials of driver-assistance technology to U.S. customers.
“All US cars that are FSD-enabled will be enabled this week for a one-month trial,” Musk said in a post on social media platform X.
According to an internal memo obtained by Bloomberg News, Mr. Musk instructed employees to conduct “short test drives” with customers to demonstrate that the system Tesla is bringing to market is fully self-driving. . Workers must also inspect vehicles as they return from service.
Musk has long touted the $12,000 driver-assistance software as a potential profit-maker for the company, but the move comes amid regulatory and legal scrutiny over Tesla's safety and marketing, according to Reuters. The promise of full automation has remained unfulfilled for years.
Bitcoin has fallen below $70,000 as the rise in cryptocurrencies shows signs of slowing. However, analysts remain bullish on the crypto asset, saying that “$100,000 is only a matter of time.”
The benchmark cryptocurrency benefited from strong gains over the past two days, rising to $71,500 through Tuesday before falling.
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Despite the drop, crypto analyst Jere has adopted X to give Bitcoin a new target.
“A new low is locked in and #Bitcoin is being pushed back toward the highs. Another upper leg has begun. It’s only a matter of time before we hit $100,000.”
If that happens, Bitcoin will rise well above its all-time high of around $74,000.
DS Smiths soared more than 7% after confirming talks with US rival International Paper Company (IP), opening the door to a potential bidding war for the British packaging company.
US-based International Paper's all-share offer for DS Smith is worth 415p per share, valuing the company including debt at around £6.8bn.
DS Smiths recently agreed to be acquired by Mondi (MNDI.L) at a value of 373p per share, or close to £6.2bn.
“The board recognizes the strategic benefits and potential for value creation in combination with International Paper,” DS Smith said.
“The Board is therefore proceeding with discussions with International Paper regarding this proposal.”
International Paper said in a statement that the merger will create a new global leader in sustainable packaging and position it well in a growing market.
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