Shares of former President Donald J. Trump’s social media company continued to surge on Wednesday, extending the gains on its first official trading session on the Nasdaq the day before.

After another double-digit percentage gain, the parent of Truth Social approached $9 billion in market value, a windfall for insiders awarded shares in the company.

The biggest beneficiary is Mr. Trump, the company’s largest shareholder, whose stake is worth more than $5 billion, on paper. No other shareholder comes close, according to regulatory filings, but many of Trump Media’s executives have seen their net worth swell this week, in some cases by many millions of dollars.

Devin Nunes

Trump Media stake: More than $7 million

The former Republican congressman from California who became chief executive of Trump Media in 2022.

Phillip Juhan

More than $30 million