Trump-linked Digital World's shares surge after Truth Social Goes Live

Trump's Truth Social

Stocks of Digital World Acquisition (DWAC), the blank-check company merging with TMTG (Trump Media & Technology Group), surged 10% Tuesday as Truth Social, the former President’s Donald Trump's social media platform, has gone live.

DWAC shares jumped 26% to $106.44 and were on track to open at levels last seen in October, days after DWAC announced a deal to publicly list TMTG, the venture behind Truth Social. Other stocks linked to Trump also advanced. Phunware, hired by Donald Trump's 2020 Presidential re-election campaign to build a phone app, climbed 17.9%.

On Sunday it was launched and Truth Social was the top free available app on Apple's app store.

Trump was barred by Youtube, Facebook (Meta Platforms) and his then-favorite Twitter for his alleged role in January 6, 2021, Capitol riot. Since then, he has been exploring ways to restore his once-sizable social media presence. The Official Twitter account of Trump War Room is still active on Twitter, and all Trump's Updates were provided by Dan Scavino from time to time. Right now Donald Trump is active on Rumble, all his MAGA and Save America Rally are covered on this platform. In the case of CF Acquisition Corp VI, there have been reports of the video platform merging with Rumble.

According to media reports, due to massive responses from the Trump Supporters, some people reported being unable to create an account or received error messages when trying to do so. Others were prompted to join a waitlist.

Users are getting messages like this "Due to massive demand, we have placed you on our waitlist. We love you, and you're not just a number to us. But your waitlist number is below," a message greeted users after they created an account.

Truth Social, which counts former President Donald J. Trump as its chairman and former Rep. Devin Nunes as CEO of Truth Social, soared to the No. 1 downloaded app on Apple's app store as of Tuesday morning. But that strong demand led to reports of countless error messages and more than 600,000 interested users being wait-listed.

Truth Social was originally scheduled for a launch sometime in February on President Day 2022, but expectations were pushed back after CEO Devin Nunes said the app would be fully operational by the end of March. Monday's release of the app was no doubt a pleasant surprise to Digital World investors. Shares of DWAC soared as much 62% to $137 on Tuesday. You can also read a complete report from Business Insider on this topic

Truth Social will represent the voice of America's conservative base who were continuously censored by Big Tech companies. Truth Social also planning to merge with Rumble, a Canadian video-sharing platform with a conservative bent, surged earlier this month after it attempted to poach the podcast host Joe Rogan away from Spotify with a $100 million offer.

You can also watch a report from Reuters Official Youtube Channel on this topic for your reference.

Trump-linked SPAC soars on Truth Social downloads. Shares of DWAC, the blank-check company behind former U.S. President Donald Trump's new social media venture, Truth Social, rose about 14% as the app topped downloads on Apple's App Store.

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