Even out of office, President Trump is making money for the American people. His announcement that he’s launching a new social media platform called TRUTH Social has people excited.
In order to do that, Trump used a Special Purpose Acquisition Company (SPAC) created to do a merger with his Trump Media and Technology Company (TMTG). The SPAC is called Digital World Acquisition Corp. (DWAC)
It’s rallied so high that it’s setting new stock market records, going up over 1,000% since opening on Thursday at $12.73. The current price as of this writing is $98.00. This included an early rally in which DWAC overtook Twitter on its first day of trading, humiliating big tech with a slap in the face.
— Mel (@Mel2Marz) October 22, 2021
DWAC Halted After Massive Gains
DWAC has been up and down so rapidly that it got halted soon after opening on Friday, but was then reopened. Warrants on the stock have massively surged in value since Trump announced TRUTH Social and DWAC’s place in merging with TMTG.
DWAC is raising tons of money from people who are excited about Trump’s new social media platform and it’s become one of the most-traded stocks in America. It even has more interest than Tesla among some stock platforms.
DWAC’s Chief Financial Officer is a Brazilian politician called Luis Orleans-Braganza. He is close to Brazilian conservative President Jair Bolsonaro, a fellow supporter and friend of President Trump.
People want DWAC; they want to get in on the ground floor of TRUTH Social, which is set to launch a beta version next month and a full public version in 2022.
Part of the surge is also being linked to WallStreetBets, a chat space on Reddit that helped launch the massive gains of AMC and Gamestop (GME) which rocked the stock market community and drove some hedge funds out of business.
Clearly, the folks at WallStreetBets are Trump fans and they like pumping up the market a little.
TMTG + DWAC = Massive Gains
The merger of TMTG and DWAC is proving to be a goldmine for the American people. We can only hope TRUTH Social itself will be just as big a success as this stock market rally seems to promise.
According to Trump, the platform will be a “rival” to the “liberal” cabal that runs Twitter and other big tech companies in California. There’s no doubt America is hungry for an alternative to the lies and censorship of Big Tech, so this whole venture has massive potential.
— Rach 🇺🇸 (@rachisawake) October 22, 2021
The Bottom Line
The TMTG and DWAC merger is valued at an estimated $1.7 billion. This stock has nowhere to go but up; although, it may have some volatility as it finds its way in the competitive market. Let’s keep our fingers crossed and see what happens.