Shares in Donald Trump's media company have soared, as the firm makes its formal debut on the stock market.

Shares surged past $70 each in opening trade - a price that gives the firm a market value of more than $9bn.

The long-awaited moment will inject more than $200m into Trump Media & Technology Group and hands the former president a stake worth more than $5bn.

Analysts say that is far more than warranted, given the performance of the business.

Trump Media operates Truth Social, a Twitter-like service that brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.

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