Posted on 10/24/2021 6:44:05 AM PDT by Presbyterian Reporter
Former President Trump announced on Thursday that a newly formed company, TMTG or Trump Media & Technology Group, would merge with Digital World Acquisition Corporation. Digital World is a SPAC or Special Purpose Acquisition Company that was formed in September and whose stock price had essentially been trading around $10 before the TMTG announcement. On Thursday the stock rose to $52 before closing at $45.50 and on Friday it hit a high of $175 and closed at $94.20.
Digital World (symbol DWAC) raised $299 million on September 8 when it sold 29.9 million shares at $10 each. It appears from TMTG’s press release that essentially all the money that was raised will be available for TMTG to use. The devil will be in the details with the soon to be published SEC filings.
Pushing a $20 billion market cap
Prior to Digital World’s IPO there were 6.25 million shares sold for $25,000 or $0.004 per share as Founder shares, which from reading the prospectus are owned by Patrick Orlando, Digital World’s CEO. After the IPO these shares are a bit less than 20% of all the outstanding shares.
After Digital World’s IPO it had just over 36 million outstanding shares. At Friday’s peak price of $175 it was valued at $6.3 billion and at its close of $94.20 was worth $3.4 billion.
(Excerpt) Read more at forbes.com ...
I did a search via Bing news this morning.
About the author Chuck Jones—
“”I provide independent research of technology companies””
In other words for those in Rio Linda, Chuck Jones does not have a job.
Forbes is currently owned by China.
Forbes.
Congratulations. You made the list.
Bump
The company has no revenue or earnings.
Does anyone think for a second that any programming or platforms created wouldn’t start generating revenue in seconds?
This event is more akin to funding by venture capitalists than an IPO.
I would think Forbes would know better.
As Digital World’s IPO prospectus stated, “We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until after completion of our initial business combination.” Have fun with that. I am with the Forbes guy on this one.
Possibly but some people made some serious money last week. LOL.
I remember when the geniuses said buying things by mail would not beat going to store because the costs were too high.
They should just buy out Gab and run with it.
I thought Chuck Jones was a WB cartoonist
IPOs generally have wide swings shortly after their offer because the markets thrive on rumor and hope. The fact that in one day Trump's company went from a high of $175 to a close of around $95 is meaningless. It will find it's real value soon enough. Going forward as long as the company meets its stated goals it should do fine.
The company has no revenue or earnings.
Does anyone think for a second that any programming or platforms created wouldn’t start generating revenue in seconds?
This event is more akin to funding by venture capitalists than an IPO.
I would think Forbes would know better.
Sure, some sold at $175 but how many shares? The market eventually will speak.
Your points are good.
No, that was Bob Smith
Let’s watch the 90 day mark. In Olde Business classes, 90 days was the first mark, containing contacts, supply vendors, 1st advertising attempt, leasing equipment, and establishing a storefront.
This can be carried to the electronic front as well.
Considering some states have elections this November, the 90 days would be nominal for this observation period.
“””They should just buy out Gab and run with it.”””
The first two purchases by Digital World Acquisition Corp (DWAC) should be GETR and RUMBLE.
DWAC would immediately be in competition with TWITTER and YOUTUBE.
No matter what happens in the next few months, it will be fun to watch and chatter about.
...or possibly a FReepathon that Wall Street is collaterally (sp?) helping to finance because they just don't "get it"
jmo
Forbes is a deep state propaganda outlet. Has been for years.
This article means BUY BUY BUY. Forbes is a left-wing, Trump-hating whore of the Big Boys who did not get in on DWAC.
Forbes was sold to a Chinese company, IIRC
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.