Skip to comments.Trump strikes SPAC deal for new social media platform, shares soar
Posted on 10/21/2021 8:24:33 AM PDT by Presbyterian Reporter
Shares of Digital World Acquisition Corp (DWAC) rose 80% on Thursday after the publicly listed shell company said it would merge with a business owned by former U.S. President Donald Trump to create a new social media app called TRUTH Social.
The social network, formed by the deal with the Trump Media and Technology Group, said on Wednesday it plans a beta launch next month and full roll-out in the first quarter of 2022. Shares of Miami-based Digital World were up 80% to $17.83 on Thursday morning.
In a press release, Trump said TRUTH Social would be launched after Twitter Inc barred him from their platform. Twitter and Facebook Inc suspended Trump's account after hundreds of his supporters rioted at the U.S. Capitol on Jan. 6 following an incendiary speech he gave falsely claiming that the 2020 election had been stolen from him through widespread voting fraud.
Twitter found that Trump posts violated its "glorification of violence" policy. Facebook found that Trump praised violence in connection with the deadly Jan. 6 attack in which rioters sought to block the formal congressional certification of his election loss to President Joe Biden.
Digital World Acquisition, led by former investment banker Patrick Orlando, has launched at least four SPACs and plans to launch two more but none of them have completed a deal yet.
Special purpose acquisition companies, or SPACs, use money raised through an initial public offering to take a private company public.
Trump Media & Technology Group said it will receive $293 million in cash that Digital World Acquisition had in a trust if no shareholder of the acquisition firm chooses to cash in their shares.
(Excerpt) Read more at msn.com ...
DWAC DIGITAL WORLD ACQUISITION CORP CLASS A COM $17.85+7.89 (+79.22%)
205 MILLION shares traded in the first two hours of trading.
Trump SPAC shares DWAC soar on social media deal news
cnbc.comhttps://www.cnbc.com › 2021 › 10 › 21 › trump-linked-spac-shares-soar-more-than-40percent-on-news-of-social-media-deal.html
TodayTrump has a planned social media platform,”TRUTH Social,” which is allied with the SPAC company Digital World Acquisition Corp. Skip Navigation. ... DWAC is a bank-check firm, or special ..
Good deal should grow at a fast rate media takes hit democrats hold dark smoky back room meetings.
anyone buying in?
I’m in 200 shares to HODL
25.92 USD +15.96 (160.24%)today
But can they be bought out by the left? That is the question!
yeah i’m still with Andrew Torba and Gab.
Don’t think so some big money and power in the deal but democrats will try every set up the can think of so far he’s done a lot of nut kicking to the left they are deep panic mode.
Their actions for the last 10 months made their numbers dropping like a rock and some democrats are bailing out of the party their party is facing some serous charges.
American Marxism has raised it’s head to high.
I dropped an order in for 3k shares at $18 when it was trading at $18.15 or so....Missed the boat (for now)
For now is correct.
As of 12:36PM EDT. Market open.
I know!! My crystal ball’s in the shop too. I have no idea what this thing will do. Do I change my order or wait?? that’s the question..........
I went ahead and paid $24 for 200 shares just now… already made about $800
I have two balls. Neither crystal.
That said, after a jump like this, I would expect a pullback and a new entry point.
I learned long ago to avoid the FOMO in the markets.
I bought 2500 shares at 27
halted?? quit trading...
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