Trump Media & Technology Group closed 16 percent higher, giving the company a market capitalization of nearly $8 billion.

Shares of former Donald Trump’s social media company rose as much as 59 percent on its first day of trading on Wall Street, boosting the former US president’s expected windfall as he faces a growing list of legal bills.

Trump Media & Technology Group peaked at $79.38 per share on Tuesday before closing 16 percent higher at $57.99, giving the company a market capitalization of nearly $8 billion.

Trump Media’s buzzy market debut, despite a $10.6 million operating loss through the first nine months of 2023, came a day after the completion of its merger with shell company Digital World Acquisition.

Trump launched the social media platform Truth Social after he was kicked off mainstream platforms, including Facebook and Twitter, following the January 6 insurrection at the US Capitol.

The Republican candidate for the 2024 US presidential election has since reinstated in both countries, but remains loyal to Truth Social.

Trump has a nearly 60 percent ownership stake in the company, which is now worth about $4.6 billion.

“I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!” Trump posted on the social media network on Tuesday.

Trump, who faces four criminal trials as he seeks re-election in a showdown with U.S. President Joe Biden in November, is struggling to raise money for his campaign and mounting legal costs.

Trump is currently facing a huge bail payment after a New York court ruled that he, his sons and their family business lied for years about the value of his assets.

An appeals court in New York on Monday reduced the $454 million bond payment due that day to $175 million and gave him 10 additional days to pay, which Trump has said he will do.

The original amount had raised the possibility that New York authorities would seize Trump’s assets.

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