Digital World Acquisition Corp (NASDAQ: DWAC) stock price was up 39.36% after Donald Trump chose the special purpose acquisition company (SPAC) to launch his new social media app TRUTH Social.
The special purpose vehicle has merged with Trump Media and Technology Group. The former President will use it to launch his new social media platform after being banned from most social media platforms, including Twitter and Facebook.
As controversial as the former President was, there is no secret that, at the very least, he is a savvy businessman, and his latest venture will provide him with a platform he controls to share his thoughts with the world, especially his followers.
Even after losing to the Democratic Party candidate and current president Joe Biden in the December 2016 elections, Donald Trump has refused to fade away from public life given the various ongoing investigations related to his time in office.
By the time of publishing, DWAC stock was headed higher as more people became aware of the company’s connection to the former President, who has indicated that he would be running for President again since he only served for one term.
The deal will value Trump’s Media and Technology Group at $875 million, including the debt carried by the company, with the social media platform’s operations being funded by the $293 million held by DWAC in trust.
Donald Trump has clarified that the beta version of TRUTH Social will be available in November, with a nationwide launch being planned for early next year.
Trump issued a statement saying: “We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable,”
Adding:
“I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I'm excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech,”
Many will be watching DWAC in the coming weeks to see how the TRUTH social platform rolls out and whether it shall attract users, given Donald Trump’s large following across the US and globally.
*This is not investment advice.
Digital World stock price.
Digital World Acquisition stock price had risen 39.36% premarket to trade at $13.88, rising from yesterday’s closing price of $9.96.
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