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10-21-2021, 10:54 PM #1
Stock In Trump’s Social Media Venture Soars...
Stock In Trump’s Social Media Venture Soars...
Stock In Trump’s Social Media Venture Soars 190% Following Announcement
By Jacob Palmieri - October 21, 2021
The share price of Digital World Acquisition Corp., the company launching former President Donald Trump’s new social media and entertainment venture, rose nearly 190% following Trump’s announcement of his plans to develop the tech platform.
The company, listed on the NASDAQ stock exchange as DWAC, is a special purpose acquisition company (SPAC) that acts as a public shell corporation to acquire private companies and list them publicly on a stock exchange. The company entered into a merger agreement with Trump Media and Technology Group (TMTG) in order to raise public funding for Trump’s social media venture, according to a press release.
Trump announced Wednesday that he was launching a new social media platform called TRUTH Social intended to “fight back” against major tech companies that banned the former president earlier this year. The new venture will also include on-demand video entertainment and news services.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” Trump said in the announcement. “This is unacceptable.”
The DWAC stock rose nearly 190% following the former president’s announcement, reaching a share price of over $29 as of early afternoon Thursday. Trading of the stock was temporarily halted due to volatility, according to CNBC.
DWAC is currently the most traded stock listed on the NASDAQ, according to the exchange’s website.
The company was valued “at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion,” according to the press release announcing the new venture.
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Stock In Trump’s Social Media Venture Soars 190% Following Announcement (thepalmierireport.com)
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10-22-2021, 01:10 AM #2
- Join Date
- Jul 2021
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This is going to fail so hard. YouTube turned the corner after they struck a deal with all three of the big music companies in the form of Vevo.
Many lawsuits will kill this venture because of copyright lawsuits for people using clips and pictures in an unlawful way, just because it's Trump's company.
On the other hand, the videos will be filled with swastikas and Iron Crosses. All of the loud blowhards with their undercover agandas will be flooding that place because in their minds, this will become a home for their view.
Interesting development.
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