Former President Donald Trump introduced on Wednesday that he shall be launching TRUTH Social, his personal social community, within the first quarter of 2022.
Paul J. Richards/ AFP through Getty Pictures; Screengrab/ TRUTH Social App Retailer
- The inventory value of Digital World Acquisition Corp. (DWAC), a particular function acquisition firm, soared this week.
- The corporate, intends to take President Donald Trump's forthcoming digital media platform public by way of a merger, is now price $2 billion.
- Earlier this week, DWAC revealed the deal was being investigated by the US Securities and Trade Fee and different regulators.
Shares of the SPAC linked to former President Donald Trump's planned digital media platform surged this week, days after revelations of an SEC investigation and an announcement the 2 corporations had lined up an estimated $1 billion from buyers for TRUTH social.
The inventory value of Digital World Acquisition Corp. (DWAC), a particular function acquisition firm, was up about 25% to shut out the week, following a sell-off final month. The corporate's market cap now stands round $2 billion.
The spike got here after an eventful week for DWAC and Trump Media & Expertise Group Corp. (TMTG), which has described aspirations for the TRUTH Social web site and accompanying app to function "a conservative media universe" with "non-woke content material."
Every week in the past, the 2 corporations introduced that they had reached a deal to fund the positioning,» Read more from markets.businessinsider.com