Shares in Trump’s Social Media Company Skyrocket by 20%
DWAC’s total market capitalization rose to $2.2 billion.
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Shares in former President Donald Trump’s social media platform, TruthSocial, have jumped by 20% as the launch of the highly anticipated app draws closer.
Digital World Acquisition Corporation (DWAC) had shares hovering around $50 before jumping $60 by the close of trading.
As a result of the increase, DWAC’s total market capitalization rose to $2.2 billion.
A special purpose acquisition company (SPAC) is formed to buy private businesses and secure investors without going public.
The reason for the increase came from a post in the Apple App Store, which indicated Trump’s platform is set to launch on Feb. 21, Presidents’ Day.
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Republican former California Rep. Devin Nunes, who recently retired from Congress, is chief executive of the Trump Media and Technology Group (TMTG).
Last year, Trump secured $1 billion worth of agreements from investors to develop his new platform.
As Neon Nettle reported:
Trump announced that pledges from unnamed investors would turn into investments once Digital World Acquisition Corp., a blank-check firm, and the social media group - Trump Media & Technology Group Corp. are combined.
“$1 billion sends an important message to Big Tech that censorship and political discrimination must end.”
“Our focus on delivering public shareholder value drives our decision-making, and by accepting these commitments for a strategic infusion of growth capital, we believe the combined company can grow on an incredibly strong foundation,” Patrick Orlando, chairman of Digital World, added.
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Representative Marjorie Taylor Greene also bought a large stake in Digital World Acquisition Corp.
A periodic transaction report posted by the House Clerk revealed the Georgia Republican purchased the stake worth between $15,000 and $50,000 on October 22.
Trump also said of the new project:
“For me, this endeavor is about much more than politics.”
“This is about saving our country,” he continued.
“There will be no shadow-banning, throttling, demonetizing, or messing with algorithms for political manipulation.”
“We will not be treating users like lab rats for social experiments, or labeling alternative views as ‘disinformation.’”
