Trump's "TRUTH Social" SPAC Doubles Shortly After Start Of Trading
BY TYLER DURDEN
THURSDAY, OCT 21, 2021 - 10:52 AM
President Trump is taking advantage of the waning SPAC craze to finally launch the media company that he and members of his circle have been hinting about and teasing since his time in the Oval Office. But fortunately for Fox News, it's not a TV station: it's a social media platform called "TRUTH social".
The platform will be owned by Trump Media & Technology Group, a new company which will soon hit the public markets via a merger with the special purpose acquisition company Digital World Acquisition Corp. (ticker: DWAC). The statement announcing the deal said the company could be worth up to $1.7 billion.
The SPAC is now trading up around 100%..
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Speaking on his reasoning in launching the network, Trump - who remains banned from Facebook, Instagram and Twitter - said "I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech." He added that presently, "we live in a world where the Taliban has a huge presence on Twitter, yet your favorite American president has been silenced. This is unacceptable." Trump added that the platform is being "founded with a mission to give a voice to all."
TMTG is initially valued at $875MM, but according to the statement, but the business and its managers could earn an additional $825MM "earnout" depending on the company's performance. The new combined company will start off with the $293MM from DWAC’s cash in trust that was raised during its initial SPAC offering. |
