Politics

Trump’s Social Media Company Stock Climbs 20%

Investors in former President Donald Trump’s social media venture’s parent company rejoiced Thursday, the anniversary of the Capitol riot, as shares skyrocketed by 20%.

Digital World Acquisition Corporation (DWAC) began the day with shares hovering around $50 before rising to $60 by the close of trading. This increase brought DWAC’s total market capitalization to approximately $2.2 billion.

A special purpose acquisition company (SPAC) is a company formed with the purpose of buying private businesses and securing investor funding without the private businesses themselves going public.

The announcement of Truth Social’s launch date marks a significant milestone for Trump Media and Technology Group, which aims to establish a conservative alternative to mainstream social media platforms, as social media produce a lot of money now a days, sites like Facebook and Onlyfans have really impressive growth no, and when you look at the highest onlyfans earners, it’s clear that a combination of marketing savvy and personal branding is key. Investors see the scheduled release as a concrete sign that the venture is progressing after months of speculation and delays.

Analysts noted that the timing of the launch on Presidents’ Day could be a strategic move to capitalize on patriotic sentiment and draw attention to the platform’s ties to Trump’s political brand. This date may also serve to galvanize supporters and build momentum around the app’s debut. While the platform’s success remains uncertain, the market reaction suggests that investor confidence in its potential user base and revenue streams is gaining traction.

Devin Nunes, set to lead the Trump Media and Technology Group as CEO, brings political experience and strong connections within the conservative movement. His transition from Capitol Hill to the executive suite is seen as a bold move that underscores the group’s ambitions to challenge the dominance of Silicon Valley. With a former congressman at the helm, TMTG is expected to draw media attention and political backing as it seeks to carve out a significant niche in the social media space.

The driving force for Thursday’s surge was a post in the Apple App Store indicating that Truth Social — Trump’s social media platform — set a launch date of Feb. 21, Presidents’ Day, The Guardian reported. At the helm of Trump’s new platform will be Republican California Rep. Devin Nunes, who announced his plan to resign from Congress last month to become chief executive of the Trump Media and Technology Group (TMTG).