Shares skyrocketed Thursday morning for the special acquisition vehicle that has made a deal to take Donald Trump’s new social media and content venture public.
Digital World Acquisition shares rose by more 45% in the first 15 minutes of trading on Nasdaq, to $14.99. The company’s warrants, which entitle holders to purchase one share for $11.50, soared from 51 cents on Wednesday to over $4 at the open.
Digital World was listed on Nasdaq in September and described its focus for acquisition targets at the time as “middle-market emerging growth technology-focused companies in the Americas, in the SaaS and Technology or Fintech and Financial Services sector”.
Now it is bringing Donald Trump’s media vehicle to market.
Introduced by news release
Trump Media & Technology Group announced the transaction on Wednesday evening with a press release.
“Trump Media & Technology Group's mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America,” the news release proclaims.
TMTG says it plans to launch its own social media platform, TRUTH Social.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” the news release quotes the former president as saying. “We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced.”
TMTG also plans to roll out a streaming service called TMGT+ and TMTG News, according to the release and content on The TMTG website also refers to TMTG News and a streaming service called TMTG+.
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