Stock Price Rockets as Trump Social Media App to Go Live

GETTR isn’t the only new social media outlet to get a boost lately as former President Donald Trump’s new social media app is set to go live and the company making that possible gets a financial boost.

Shares in Digital World Acquisition Corporation (DWAC), the special purpose acquisition company (SPAC) securing investments for the effort, ended the day Thursday worth $2.2 billion after its stock price shot up 20% to $60 per share.

The increase came just after reports shared that Trump’s social media app, Truth Social, was registered on the Apple App Store to go live on Feb. 21, 2022.

The app is just one part of Trump Media & Technology Group (TMTG), a company on which Trump will serve as chairman.

Truth Social claims to be a “Big Tent social media platform that encourages an open, free, and honest global conversation without discriminating against political ideology,” but details on what the app actually is or how it will work are scant. Will it be a microblogging thing like GETTR and Twitter, video-focused like Rumble or Youtube, or something completely new?

Truth will enter a crowded free-speech social media space. GETTR, Gab, and Parler are somewhat established although Parler blew its moment in the sun last year by relying on Amazon Web Services for critical infrastructure. GETTR is getting a boost in January after Joe Rogan and Rand Paul announced they were moving to the platform.

But, Truth has one thing none of the others do – Donald Trump – and for anyone who misses his short and straight-to-the-point messages, there will only be one place to get them.

At the posting of this article, DWAC had given back more than half of yesterday’s gains with a 12:33 p.m. price of $54.19.

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