Shares for Digital World Acquisition remain high as the company, which merged with Trump Media & Technology Group, is set to launch President Trump’s Truth Social app on Feb. 21.
The Truth Social app is being rolled out to counter social media platforms like Twitter which banned Trump following the events of Jan. 6, 2021.
As of this writing, shares of Digital World Acquisition are trading for over $80 a share, an impressive feat given the fact that shares were only trading for $10 in October before it was announced that Digital World Acquisition and Trump Media announced the rollout of Truth Social.
After the merger of Digital World Acquisition Corp. and TMTG, the new venture tallied an impressive 1,000 percent increase in value from its starting price
According to Motley Fool, “There doesn’t appear to be any fresh news powering the gains, but the excitement surrounding the stock is surging ahead of the company’s merger with Trump Media & Technology Group and the launch of their social media platform, Truth Social.”
The Truth Social app is said to look like Twitter and is expected to attract a large user base who are excited to flee Twitter to a social media app that won’t censor their opinions.
The Trump-backed app can be purchased for pre-ordered on Apple’s App Store now and is expected to generate revenue from advertising, in-app purchases, and other channels.
Digital World Acquisition has a market cap of roughly $3 billion with plenty of upside to grow, especially upon the launch of Truth Social.
Reuters reports that it will have a trending topic area and allow people to follow each other. However, instead of hitting “tweet” when sending a statement, users will press “truth.”
There is reportedly going to be three stages to the Trump Media & Technology Group (TMTG) release: first the app release, then an on-demand subscription to videos and entertainment, and other news. Their website indicates plans to eventually have a podcast network, as well.
Former Rep. Devin Nunes, R-Calif., will serve as the CEO of the company, after having resigned from Congress to take on his new role.