Shares in Trump’s Social Media Company Skyrocket by 20%
DWAC’s total market capitalization rose to $2.2 billion.
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.
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.
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.’”