On Wednesday, Donald Trump, former United States President, proclaimed he would be introducing his very own media network, including “TRUTH Social,” a social media platform to stand up to the despotism of Big Tech. According to the news release distributed by Special Acquisition Company (SPAC) and Trump Media and Technology Group (TMTG), TRUTH Social will be developed through a new firm formed by a merger of both organizations, TMTG and SPAC.
The declaration came 9-months after Trump was banned from social platforms for his part in provoking the 6th January Capitol attack. Experts were divided on how strong a competitor TMTG could be, but the stock market reacted with enthusiasm.
Mr. Trump said in a statement they live in a world where the Afghan Taliban has a massive presence on the Twitter platform, yet their favorite US leader has been silenced. That’s unacceptable. Moreover, he said he’s excited to send out his first TRUTH on TRUTH Social soon.
🚨President Donald J. Trump Announces Trump Media & Technology Group🚨
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech…
I am excited to send out my first TRUTH on TRUTH Social very soon…” pic.twitter.com/TCZVYq1VJQ
— Liz Harrington (@realLizUSA) October 21, 2021
TMTG was founded in February 2021 with the aim to give a voice to all. He’s excited to commence sharing his views on his social app quickly and to fight back against the Tech Giants. Social media played an important role in Trump’s bid for the Executive Mansion and was his favorite medium of communication as President. But ex-US leader Donald Trump was suspended from Facebook and expelled from Twitter after his followers attacked the United States Capitol.
DWAC’s Shares Soared 357%
Moreover, social media companies were under pressure throughout the presidency of Mr. Trump to ban him, with his posts condemned as insulting, provocative, or peddling outright fabrications.
Furthermore, some investors are not awaiting if Mr. Trump’s plans for a media firm to challenge the likes of Twitter, Facebook, and even Disney could actually become a reality; they are all in. TMTG’s plan is to become a candidly listed firm through a merger with Digital World Acquisition Corp. (DWAC), a type of firm whose exclusive purpose is to acquire a private firm and take it public.
Shares of Digital World Acq. quadrupled on Thursday in what some might see as validation for the former President, even though there’s a way to go before the merger is concluded.
On 20th October 2021, Digital World Acquisition Corp., a publicly-traded SPAC and TMTG, declared that they had entered into a definitive merger arrangement that would combine the two entities, allowing TMTG to become a publicly traded firm.
Investor Ryan Joshua Keenan, who put two thousand dollars into the stock Thursday and had already increased the money threefold by the early Thursday afternoon, said that he’s personally not a Trump follower, but that could lead to massive media presence. Moreover, it has been going up preposterously.
The agreement is attracting stock traders for now. The shares of Digital World Acq soared 35.34 dollars, or 357 percent, to 45.5 dollars, and changed hands over 475M times. That compares with the average trading volume of nearly eleven million shares for Twitter, which trades at about 65 dollars.