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Trump raises stake in his media firm to nearly 65%

(Reuters) - Donald Trump has raised his stake in the company that operates his social media app Truth Social to nearly 65% as of last week, according to a filing on Tuesday.

The former U.S. president and Republican presidential candidate secured 36 million shares of Trump Media & Technology Group (TMTG), increasing his stake from 57.6% as of March.

The stock has surged over 50% to $49.93 in the past five sessions, but is still down about 25% from its closing peak on March 27.

Reuters reported last week that Trump would secure a stock bonus worth $1.3 billion from TMTG, equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.

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The bonus also reflects the exuberant trading in TMTG's shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.

(Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva)