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Trump’s ‘Truth Social’ Platform Deal Draws Strong Interest From Investors

Donald Trump got everyone’s attention

People’s President plans to launch a social media platform and people couldn’t be more excited than this. Investors are interested, too. According to latest updates, shares of SPAC company Digital World Acquisition Corp. surged 357%.

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The stocked went to $45.50 per share in trading on Nasdaq. The trading process was halted on multiple occasions throughout the day.

Trump said his new platform will be traded following the merger of the Trump Media & Technology Group and DWAC. Americans will be able to check out the beta version in November. It will be available nationwide in the first quarter of 2022.

Trump Media & Technology Group has set an enterprise value of $875 million. We don’t have much information about the President’s stake in the company

The Big Tech banned Trump from Facebook, Twitter, and YouTube following the riots on January 6. They claimed that Trump had violated their policies and accused him of inciting violence.

If you ask President Trump, he will say that the new platform was created to “stand up to the tyranny of Big Tech.”

“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,” Trump said in a statement. “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. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”

SPACs enjoy huge popularity at the moment and the same goes to DWAC.

“Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose,” DWAC Chairman and CEO Patrick F. Orlando said in a statement.

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Source: Fox Business

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