Ailan Evans, DCNF
The share price of the owner of former President Donald Trump’s social media venture Digital World Acquisition Corp. rose as much as 1,657% on Friday, two days after Trump announced its launch.
The company, a special purpose acquisition company (SPAC) listed on the NASDAQ exchange as DWAC, will merge with Trump Media and Technology Group to launch a new social media, news and entertainment platform, Trump announced Wednesday. SPACs are a type of corporation used to buy private businesses and secure investor funding without the private companies themselves going public.
The share price rose over 350% Thursday and climbed over 1,600% Friday morning to a roughly $175 share price before settling back down to around $90 a share by Friday afternoon.
The new social media platform, TRUTH Social, is envisioned by Trump as a way “to stand up to the tyranny of Big Tech,” according to an announcement.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” Trump said. “This is unacceptable.”
The company had “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 announcement.
For licensing opportunities of our original content, please contact [email protected]
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- First lady Jill Biden may attend King Charles coronation in lieu of Joe: report - April 1, 2023
- Newsmax dropped by DirecTV, spokesperson claims it was over a cost dispute - January 25, 2023
- First on CNN: Classified documents found at Pence’s Indiana home - January 24, 2023
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.