Digital World Acquisition Corp. jumps on plans to merge with Donald Trump's media company

Asia's Tech News Daily

© AP Photo/LM Otero Former president Donald Trump speaking at the Conservative Political Action Conference in July. AP Photo/LM Otero

  • Digital World Acquisition stock jumped Thursday on plans to merge with Donald Trump’s new media company.
  • Trump’s TRUTH Social network app is available for pre-order on Apple’s app store.
  • The deal puts an enterprise value of $875 million on Trump Media & Technology Group.

Digital World Acquisition stock soared Thursday on its deal to take former US President Donald Trump’s new media company public, with the venture centered on his plan to launch a social media platform.

Digital World Acquisition’s Class A shares jumped as much as 74% to $17.32 in premarket trade, then later pared the rise to 7%. The SPAC was incorporated in December 2020, and shares began trading in September.

The agreement puts an $875 million enterprise value on Trump Media & Technology Group. A potential earnout of $825 million in additional shares could bring the cumulative valuation to $1.7 billion, depending upon the performance of the stock after the merger is completed, Trump Media said in a press release.

“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump said in the press statement.

The social network’s app is available for pre-order in Apple‘s App Store and will open to invitees in November, followed by a nationwide rollout in the first quarter of 2022.

Trump’s new venture comes as he mulls another run at the White House. It also follows speculation that he would create his own social media site after he was banned or suspended from nearly every major platform, including Facebook, Twitter, and Alphabet‘s YouTube, after the Jan. 6 attack on the US Capitol.

On January 8, Twitter cited “the risk of further incitement of violence” from Trump’s tweets.

Read the original article on Business Insider

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