Digital World’s stock rises by 30% after launching Truth Social application
- Truth Social potentially marks the former US President's return to social media platforms after getting banned
- Digital World's stock grew by 26% to $106.40.
- Phunware, a company hired by Trump's re-election campaign team to develop a phone application, rose by 17.9%.
Digital World Acquisition Corporation (NASDAQ: DWAC), a blank-check corporation behind Trump’s new social media endeavour, Truth Social, shot up by 30% as the social media application topped charts after its Apple App Store debut.
Truth Social potentially marks the former US President’s return to social media platforms after getting banned from Google, Facebook and Twitter after his supporters attacked the US Capitol building. Launched on Sunday, the Truth Social app became a top free available application on Apple’s App store by Tuesday.
Financial highlightsCopy link to section
Digital World’s stock grew by 26% to $106.40. The company was set to open at financial levels experienced last October, soon after, it announced it was publicly listing the business venture behind Truth Social, TMTG (Trump Media & Technology Group).
Other shares linked to the former US President also advanced. For instance, Phunware, a company hired by Trump’s re-election campaign team to develop a phone application, rose by 17.9%. Benessere Capital, a blank-check shell corporation run by former investment banker and DWAC Chief Executive Officer Patrick Orlando, increased by 0.3%.
Digital World Corp was one of the most actively trading US shares before the opening bell. It trended very highly on stockwits.com, an investor-focused social media platform that highlights interest from retail traders.
Truth SocialCopy link to section
Unfortunately, many users claimed they were having issues with account registration and were added to waiting lists which included this message: “Due to massive demand, we have placed you on our waitlist.”
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Led by Devin Nunes, former Republican US Rep, TMTG, the company behind this social media venture, becomes one of many tech companies that are trying to position themselves as leaders of free speech and are looking to attract people who feel like they’re being suppressed on more established social media platforms.
Nunes appeared on Fox News on Sunday and said:
This week we will begin to roll out on the Apple App Store. That’s going to be awesome, because we’re going to get so many more people that are going to be on the platform.