Former President Donald Trump’s entertainment venture is currently outperforming all other special purpose acquisition companies (SPACs), according to a recent market report.
Digital World Acquisition Corp (DWAC), the SPAC used to take Trump Media & Technology Group (TMTG) public, is outperforming all other SPACs, according to a market analysis by SPAC Research reported by Reuters. The company’s shares ended trading at $73.12 on Friday, giving the company a valuation of roughly $13 billion, according to Reuters.
A SPAC is a company that acquires private companies and lists them publicly on a stock exchange without the private company engaging in an initial public offering (IPO). In this case, Trump used DWAC to take his company public in order to raise funding for his social media venture, TRUTH Social, which he has billed as an alternative to major tech platforms like Facebook and Twitter. (RELATED: Democrats Ask Tech Companies To Preserve Texts, Private Records Of Speakers At Trump’s January ‘Stop The Steal’ Rally)
JULY 24: Former U.S. President Donald Trump prepares to speak at the Rally To Protect Our Elections conference on July 24, 2021 in Phoenix, Arizona. (Photo by Brandon Bell/Getty Images)
Trump announced the launch of TRUTH Social in October 2021 as part of a larger entertainment, news and social media venture by TMTG. The platform, initially expected to launch in the first quarter of 2022, is intended to “stand up to the tyranny of Big Tech” and provide a space for viewpoints and voices often censored or suppressed by conventional social media companies.
DWAC’s stock soared following its announcement, and the share price climbed higher earlier this month after news broke that the company was planning to release its beta version on Apple’s App Store.
Former Republican California Rep. Devin Nunes, who joined TMTG after resigning from Congress, said Monday the company has begun exploring content moderation practices to ensure the site is “family friendly.”
TMTG also inked a deal with Rumble, a “free speech” video sharing platform, for cloud-hosting services and video streaming in December 2021.
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