The plan of the former President of the United States Donald Trump He continued his war against Twitter and Facebook, banned access to him, and went on to create his own social network. The idea of launching a social media app may seem strange to some players in the industry, but not to markets, which supported the idea and boosted the shares of a company that supports the project.
Trump Media and Technology Group (TMTG) and Digital World Acquisition Corporation, a special purpose acquisition vehicle (very fashionable at Wall Street SPAC, which uses money raised from the initial public offering to take a company through public privatization); They announced Wednesday that they are teaming up to create a new social media app called Truth Social.
After the announcement, digital world stocks did not rise. The Miami-based company was up 356% at $ 45.50 on the Nasdaq after gaining more than 400% during yesterday’s session. At that price, its market capitalization rose to $ 1.4 billion from $ 321 million on Wednesday. Today, Friday, the bullish wave continues: Shares of the company rose more than 200% this morning to over $ 144 per unit.
Shares of the digital global acquisition have risen 1,225% since SPAC announced it would merge with Trump Media & Technology Group, according to Bloomberg.
Trump’s company has said it plans to release a beta next month – with a trial version – in full in the first quarter of 2022. The announcement of this activity did not provide the detailed business plans that Wall Street uses in SPAC Links.
Some investors said the market reaction reflected support for Trump and a bet that a site with him would attract the following. “Supporters of the former president have not had a publicly traded vehicle until now,” he said Reuters Jack Dollarhide, cofundador de Longbow Property Management.
TMDG too Intends to launch a video-on-demand service featuring entertainment programs “No-awakeScott St. John is the executive producer of “Deal or No Deal” and “America’s Got Talent”. Originating in the United States, சொல் ‘Woke up‘Indicates awareness of social inequality. In relation to race, gender and sexual orientation.
“I created Truth Social and DMTG to stand up to the tyranny of big technology.”Trump was banned from the newsletter from Twitter and Facebook on Jan. 6 for inciting attacks on Capitol by his followers.
We live in a world where the Taliban are high on Twitter.However, their favorite US president has been honored. This is unacceptable, “said David Cook, chief of The Christian Science Monitor’s Washington bureau.
For years, Trump, who He used Twitter as a rhetorical weapon during his presidency. Fought with the giants of technology, He assures them that they have unjustly censored him.
The struggle for freedom of expression intensified on Facebook, Twitter, Instagram and the world’s largest social media platforms He was convicted of inciting a crowd to enter Congress in January this year.
Since then, Trump seeks way to get his megaphone back, By filing various lawsuits against large technology sites.
With information from Reuters and Bloomberg