Share owners of President Donald Trump’s social media company rang in the new year on Thursday when stocks skyrocketed 20 percent after news broke that the 45th president has a targeted launch date for his social media app, TRUTH Social.
The parent company to Trump Media & Technology Group (TMTG), Digital World Acquisition Corp. (DWAC), watched as its market capitalization began at just over $50 a share prior to bookending the day at $60 per commodity ownership.
At the close of trading, the special acquisition company (SPAC) profited near $2.2 billion. The purpose of a SPAC is to bring a private company like TMTG to the market for public investment while securing investor funding.
Advertised as a censorship-free alternative to Facebook and Twitter, TRUTH Social is set to begin operations in February on Presidents’ Day. The two mega-tech companies banned President Trump after he was falsely blamed for inciting riots on Jan. 6, 2021, at the United States Capitol.
In a vow to “stand up to the tyranny of Big Tech,” Trump created the multimedia venture as a platform for free speech practitioners without the fear of being a target of cancel culture.
The billionaire entrepreneur is no stranger to success and neither is his new start-up, TMTG.
After the merger of Digital World Acquisition Corp. and TMTG, media venture experienced a 1,000 percent increase in value from its starting price. Furthermore, after the publicly announced partnership with Rumble, Truth Media & Technology Group multiplied its worth to a total just above $10 billion. Rumble is expected to provide and host streaming and video services for Trump’s social media company.
Operating at the helm of leadership for the company is former Rep. Devin Nunes, R-Calif. Nunes resigned from Congress in January to assume his new role as Chief Executive Officer. The veteran U.S. House Representative is a “fighter,” and a “leader,” according to Trump.
As the midterm elections draw near, the duo aims to “stop the liberal media and Big Tech from destroying the freedoms that make America great.”