President Trump announced on Wednesday that he would start a new social media company TRUTH SOCIAL. His new social network would be possible by a potential merger of a SPAC Digital World Acquisition Corp. and Trump Media & Technology Group (TMTG) in order for Trump’s company to be traded on the stock market.
According to filings, TMTG is valued initially at 875 Million with the potential of another 825 million in additional earnings for a total valuation of around 1.7 Billion.
Trading was halted just 2 hours after opening after shares soared, DWAC shares were the most actively traded stock on fidelity and Nasdaq (Consolidated)
The company stock skyrocketed over 130% before it was halted and 160% before it was halted a second time; over 260 million shares of DWAC had been traded just hours after opening.
DWAC was founded last December to merge or buy other companies.
Trump’s official press release on his new social media site TRUTH SOCIAL, which will begin BETA testing in November with the help of invited guests, The official launch would be in the first quarter of 2022