Stocks of Trump SPAC Digital World Acquisition Corp Soar After Social Media App Sets Launch Date

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Shares of the company which is taking former President Donald Trump’s social media platform public rose nearly 20 percent on Thursday after a listing on Apple’s app store showed an expected start date of Feb. 21—the U.S. Presidents’ Day holiday.

Trump Media and Technology Group and Digital World Acquisition Corp., a Special Purpose Acquisition Vehicle (SPAC), announced in October that they would merge to create a social media app called TRUTH Social. SPACs use money raised through an initial public offering to take a private company public.

At the time the merger was announced, Trump’s company said it planned a full roll-out in the first quarter of 2022.

A December Securities and Exchange Commission (SEC) filing shows that Digital World Acquisition has received “certain preliminary, fact-finding inquiries” from the Financial Industry Regulatory Authority (FINRA) associated with stock trades around the time of the merger agreement. Digital World Acquisition said it is cooperating.

Promoted as an alternative to Twitter, Truth Social is currently available for pre-order and is set to go live on the U.S. Presidents’ Day holiday, a day which honors presidents of the nation, including the first president, George Washington.

Digital World Acquisition’s stocks rose 19.66 percent on Thursday after the expected launch date was revealed.

Similar to Twitter, the app allows users to set up a profile, connect with other users, and access the “truth feed” where they can “get the scoop on the latest thoughts and activities from the people, organizations, and news outlets that interest you.”

The app does not discriminate on the basis of political ideology.

“Let your voice be heard. Sign up, join the conversation, and share your unique opinion by posting a TRUTH, Re-TRUTH, photo, news story, or video link to communicate with your friends, customers, and the world,” a description of the social media app reads. “Stay informed about breaking news while staying directly connected with the people who influence you—don’t be shocked if they take your TRUTH viral!”

By Katabella Roberts

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