Trending tickers: Trump Media, Tesla, Bitcoin and DS Smith
Trump Media & Technology Group. (DJT)
Shares in former US president Donald Trump's media firm have soared on their stock market debut in New York and are currently the most trending stocks in after-hours trading.
Shares surged past $70 (£55.42) in early trade, giving the firm a market value of more than $9bn. They ended the day at about $58, still up more than 16%.
Trump Media & Technology Group, the company behind his Truth Social platform, is now listed on the Nasdaq stock exchange under the ticker symbol DJT – Trump’s initials – after completing its merger with blank-cheque company Digital World Acquisition Corp on Monday.
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Trump, owner of 58%of the shares in the merged company before accounting for dilution, is the biggest beneficiary of the price surge. However, Trump is barred by terms of the merger from selling his shares for six months.
Analysts suggested that investors were mostly supporters of Trump ahead of the looming presidential election rather than institutions and that it was the most trending stock on US exchanges.
Tesla (TSLA)
Tesla shares were higher in premarket trading after CEO Elon Musk announced the company will offer US customers a free trial of its driver-assist technology.
"All US cars that are capable of FSD will be enabled for a one-month trial this week," Musk said in a post on social media platform X.
Musk instructed employees to perform a “short test ride” with customers to show the system Tesla markets as Full Self-Driving, according to an internal memo seen by Bloomberg News. Workers will also have to perform checks on any vehicles returned from service.
Musk has long touted the driver assistant software, priced at $12,000, as a potential profit generator for the company, but has fallen short of his promise of full autonomy for years, amid regulatory and legal scrutiny of Tesla's safety and marketing, according to Reuters.
Bitcoin (BTC-USD)
Bitcoin has fallen below the $70,000 mark as the crypto rally appears to fade. However, analysts remain bullish on the crypto asset, with “$100k a matter of time”.
The benchmark cryptocurrency had climbed as high as $71,500 throughout Tuesday, benefiting from strong gains in the previous two days, before coming down.
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Despite the drop, crypto-analyst Jelle took to X to give Bitcoin a new goal.
“The new higher low has locked in, and #Bitcoin is pushing back towards the highs. The next leg higher has started. $100,000 is a matter of time, imo.”
That would put Bitcoin well above its all-time high of almost $74,0000.
DS Smith (SMDS.L)
DS Smith surged by over 7% after it confirmed talks with US rival International Paper Co. (IP), opening the doors to a possible bidding war for the UK packaging company.
US-based International Paper’s all-share proposition for DS Smith is equivalent to 415p per share, which would value the company at roughly £6.8bn including debt.
DS Smith recently agreed to be taken over by Mondi (MNDI.L), in a deal that implied a value of 373p per share, or closer to a £6.2bn enterprise value.
"The board acknowledges the strategic merits and potential for value creation through a combination with International Paper," DS Smith said.
"Accordingly, the board is progressing its discussions with International Paper regarding the proposal."
International Paper said in a statement that a merger would create a new global leader in sustainable packing that would be well positioned in growing markets.
Watch: Trump's Truth Social: 'Would I touch the stock? No.'
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