Trump Media adds another $1.4 billion of market value in 2nd day of trading

• Trump Media shares rose Wednesday, adding another $1.4 billion of market value in its second day of trading.
• Bloomberg noted more than 18 million shares were traded Wednesday morning. 
• Shares of Trump Media were trading at $66.41 Wednesday afternoon, up 15%. 

Truth Social's parent company debuted on the stock market with a bang this week, piling on more gains in its second day of trading on Wednesday.

The company saw its value rise as much as $1.4 billion in its second day of trading, touching a $9.7 billion market cap as shares hit an intraday high of $71.93. 

The stock, which trades under the ticker DJT, pared some gains by the afternoon to trade at $66.41, up by about 15%. That follows the 59% jump on its first day of trading on Tuesday.

The gains are a huge boost to former President Donald Trump's net worth, who owns about a 58% stake in the company. Trump Media is now valued at about $7.5 billion after the stock's second day of strong gains. The stock's big rally has pushed Trump's net worth up immensely, with his wealth now surpassing that of George Soros. But those gains are on paper for now as the former president can't sell his shares until a six-month lock-up expires. A waiver from the board, which consists of close allies and family members, could allow him to offload his shares before then. 

The hype around the Trump-linked stock comes at a critical time for the former president, who is looking at steep legal costs and judgments against him. The former president just saw the bond in his civil fraud case dialed down to $175 million, which a court said he would have 10 days to pay while he appeals a $475 million judgement against him.