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Trump strikes SPAC deal for new social media platform, shares soar
Reuters ^ | 10/21/2021

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 ...


TOPICS: Business/Economy; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 2022election; 2024election; dwac; election2022; election2024; presidenttrump; socialmedia; spac; trump
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DWAC is soaring.

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.

1 posted on 10/21/2021 8:24:33 AM PDT by Presbyterian Reporter
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To: Presbyterian Reporter

more news-—

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 ..


2 posted on 10/21/2021 8:29:54 AM PDT by Presbyterian Reporter
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To: Presbyterian Reporter

Good deal should grow at a fast rate media takes hit democrats hold dark smoky back room meetings.


3 posted on 10/21/2021 8:33:38 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)
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To: Presbyterian Reporter

anyone buying in?


4 posted on 10/21/2021 8:37:40 AM PDT by spacejunkie2001
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To: Presbyterian Reporter
Really small world out there.


5 posted on 10/21/2021 8:38:27 AM PDT by Theoria
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To: spacejunkie2001

I’m in 200 shares to HODL


6 posted on 10/21/2021 8:44:05 AM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
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To: spacejunkie2001

I’m in


7 posted on 10/21/2021 9:06:18 AM PDT by thinden
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To: Presbyterian Reporter

25.92 USD +15.96 (160.24%)today


8 posted on 10/21/2021 9:12:39 AM PDT by conservative98
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To: Vaduz

But can they be bought out by the left? That is the question!


9 posted on 10/21/2021 9:12:52 AM PDT by TribalPrincess2U
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To: TribalPrincess2U

yeah i’m still with Andrew Torba and Gab.


10 posted on 10/21/2021 9:16:23 AM PDT by AbolishCSEU (Amount of "child" support paid is inversely proportiongte tfo mother's actual parenting of children)
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To: TribalPrincess2U

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.


11 posted on 10/21/2021 9:19:00 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)
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To: aMorePerfectUnion

I dropped an order in for 3k shares at $18 when it was trading at $18.15 or so....Missed the boat (for now)


12 posted on 10/21/2021 9:31:51 AM PDT by spacejunkie2001
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To: spacejunkie2001

For now is correct.


13 posted on 10/21/2021 9:36:40 AM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
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To: spacejunkie2001

27.10+17.14 (+172.04%)

As of 12:36PM EDT. Market open.

!!


14 posted on 10/21/2021 9:37:30 AM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
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To: aMorePerfectUnion

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..........


15 posted on 10/21/2021 9:38:55 AM PDT by spacejunkie2001
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To: spacejunkie2001

I went ahead and paid $24 for 200 shares just now… already made about $800


16 posted on 10/21/2021 9:40:48 AM PDT by enumerated
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To: spacejunkie2001

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.


17 posted on 10/21/2021 10:00:03 AM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
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To: enumerated

I bought 2500 shares at 27


18 posted on 10/21/2021 10:03:56 AM PDT by spacejunkie2001
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To: Presbyterian Reporter

DEM WHACK


19 posted on 10/21/2021 10:12:16 AM PDT by BiglyCommentary
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To: enumerated

halted?? quit trading...


20 posted on 10/21/2021 10:17:04 AM PDT by spacejunkie2001
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