We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Beat The Street With SI Traders

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Rocket Red10/21/2021 11:02:12 AM
   of 226568
Trump's "TRUTH Social" SPAC Doubles Shortly After Start Of Trading


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%..

Recommended Videos

Wall Street Bounces, After Selloff Fed Boosts Liquidity


Skip Ad

Wall Street Bounces, After Selloff Fed Boosts Liquidity

SoftBank Said to Plan $14 Billion Sale of Alibaba Shares

China’s Companies Have Worst Quarter on Record, Beige Book Says

U.S.-Saudi Oil Alliance Under Consideration, Brouillette Says

ETF Volumes Surge in Current Market Environment

Investors Have Given Up on a V-Shaped Recovery, BNY's Young Cautions


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.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext