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Trump Social Media Company’s Owner Sees Stock Price Soar Over 1,600%

U.S. President Donald Trump signs an Executive Order to address the issue of missing and murdered Native Americans during a ceremony in the Oval Office at the White House in Washington, U.S. November 26, 2019. REUTERS/Jonathan Ernst

In just two days after President Trump announced the formation of his own social media company, the stock price rose by 1600%. It did drop back down but the stick is still way up.

The actual networks won’t be operational until early next year, but I expect it to be a growing concern. And why not. They will have a practical monopoly on conservative content. I believe many users will leave Twitter and Facebook and never look back.

The company, a special purpose acquisition company (SPAC) listed on the NASDAQ exchange as DWAC, will merge with Trump Media and Technology Group. Together, they will launch a new social media, news, and entertainment platform, Trump announced Wednesday. The new social media platform, TRUTH Social, is envisioned by Trump as a way “to stand up to the tyranny of Big Tech.”

Trump said:

“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable.”

“I’m excited to soon begin sharing my thoughts on Truth Social and to fight back against big tech.”

The current share price sits at $90 dollars a share.

The site was temporarily open just to register for an account, but has since been taken down.

From The Guardian

The former president, who was banned from Facebook and Twitter earlier this year, says his goal is to rival the tech companies that have denied him the megaphone that was paramount to his rise.

While the platform is pitched as a free and open communication service that encourages “honest global conversation”, the terms of service agreement prohibits users from making fun of the site. To access the platform, users agree not to “disparage, tarnish, or otherwise harm, in our opinion, us and/or the site”.

Trump announced the news in a press release on Wednesday, saying the platform will be open to “invited users” for a beta launch in November, with plans to make it available to the broader public in the beginning of next year. Truth Social will be a product of a new venture called the Trump Media & Technology Group, which was created through a merger with Digital World Acquisition Corp. The group said it seeks to become a publicly listed company.

 

 

4 Comments

4 Comments

  1. Paulette Scott

    October 24, 2021 at 2:29 pm

    Very excited to get back to free speech. But let’s put a period on the election fraud. And support Republicans!

  2. Debbie Griffin

    October 24, 2021 at 7:00 pm

    Cant wait to see it happen

  3. Julia St. Marie

    October 24, 2021 at 7:41 pm

    Get rid of Biden and put in Trump

    • Scott A Mery

      October 25, 2021 at 11:54 am

      I agree with Julia St. Marie

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