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Truth Social is going public

The Verge

The Verge · 1y ago

Truth Social is going public

Shareholders of Digital World Acquisition Corporation have approved the merger with Truth Social, Donald Trump's social media app. This merger could potentially increase Trump's net worth by $3 billion. The merger will result in shareholders of DWAC becoming shareholders of Trump Media & Technology Group (TMTG), the parent company of Truth Social. Trump's media company is expected to start trading on Nasdaq under the symbol DJT as early as next week. However, Trump is currently prohibited from selling his shares or using them as collateral due to a lock-up provision, although he can request a waiver from the board.

Related News

Donald Trump's Truth Social deal has made him one of the 500 richest people in the world

Business Insider

Business Insider · 1y ago

Donald Trump's Truth Social deal has made him one of the 500 richest people in the world

Donald Trump's net worth has soared to $6.5 billion, making him one of the 500 richest people globally, thanks to his Truth Social deal. The former US president has seen a series of wins recently, including a reduction in his bond for a fraud case to $175 million. Trump has heavily invested in the social media platform, Truth Social, and its parent company, Trump Media & Technology Group, which recently went public. Shares of the company surged by 56%, and it is estimated that Truth Social could have a valuation exceeding $5 billion with around 5 million users.

Trump's Truth Social has a tiny following and is performing badly but could be valued at more than $5 billion

Business Insider

Business Insider · 1y ago

Trump's Truth Social has a tiny following and is performing badly but could be valued at more than $5 billion

Former President Donald Trump's social media platform, Truth Social, is set to merge with a publicly traded company, potentially valuing it at over $5 billion. Despite significant losses, Trump Media & Technology Group, the parent company of Truth Social, expects the losses to continue in the foreseeable future. Truth Social currently has a small user base compared to other platforms, with approximately five million active members. The merger approval comes as Trump faces mounting legal costs and penalties. Retail investors, including Trump supporters, have expressed their belief in the platform's potential.

Truth Social? Never heard of it: Musk after Trump lambasts America Party launch - The Economic Times

Economic Times

Economic Times · 1m ago

Truth Social? Never heard of it: Musk after Trump lambasts America Party launch - The Economic Times

Elon Musk announced his intention to start a new political party, the America Party, prompting criticism from Donald Trump on his Truth Social platform. Trump mocked Musk's venture, while Musk sarcastically pretended ignorance of Truth Social on his social media app, X, highlighting their ongoing rivalry. Critics pointed out Musk's past remarks on Truth Social, illustrating the tension between the two figures. Musk's declaration reflects his ambition to challenge traditional political systems.

Trump's Truth Social overtakes Musk's X in value as shares surge

Inshorts · 9m ago

Trump's Truth Social overtakes Musk's X in value as shares surge

Donald Trump's Truth Social has overtaken Elon Musk's X in value after its shares surged. Trump Media & Technology Group (TMTG) is now valued at over $10 billion, which is higher than X Holdings' estimated $9.4 billion valuation. While X and Truth Social are rival microblogging platforms, Musk has openly endorsed Trump in the upcoming US elections.

Donald Trump once offered to sell Truth Social to Elon Musk, report says

Business Insider

Business Insider · 1y ago

Donald Trump once offered to sell Truth Social to Elon Musk, report says

According to The Washington Post, Donald Trump offered to sell his social media platform, Truth Social, to Elon Musk last summer. Although the talks did not progress further, Trump has reportedly continued to advocate for Musk's involvement in the platform. Trump recently confirmed a meeting with Musk but was unsure if the Tesla CEO would endorse him. Despite having fewer followers on Truth Social compared to other platforms, Trump has consistently used the platform. Truth Social has faced financial challenges since its launch in 2022, with reported losses and delays in its planned merger.

Trump's media deal partner nears $50 million financing

Reuters · 1y ago

Trump's media deal partner nears $50 million financing

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former U.S. President Donald Trump's social media platform Truth Social public, is close to securing a $50 million financing deal. The deal, based on convertible notes, will assist DWAC in its merger with Trump Media & Technology Group (TMTG). Investment firms Anson Funds, All Blue Capital, and Mangrove Capital Partners have offered to purchase the convertible notes. The deal is expected to be announced in the coming days, though the details may still change.

Donald Trump's Truth Social Clears Final Hurdle to Become Publicly Traded Company

Gizmodo

Gizmodo · 1y ago

Donald Trump's Truth Social Clears Final Hurdle to Become Publicly Traded Company

The Securities and Exchange Commission (SEC) has approved the merger between Donald Trump's social media company, Truth Social, and Digital World Acquisition Corp, allowing it to become a publicly traded company. Trump will hold a 58.1% stake in the new company, worth around $4 billion. Truth Social has fewer than 1 million active users, but the CEO, Devin Nunes, claims it is a safe platform for free expression. The merge approval caused a 30% surge in DWAC's stock, but it later fell about 15%.

Donald Trump's Truth Social opens new avenue for conflicts of interest

Economic Times

Economic Times · 1y ago

Donald Trump's Truth Social opens new avenue for conflicts of interest

Former President Donald Trump's social media company, Trump Media & Technology Group, went public this week and saw a surge in value driven by supporters and investors. The company, which owns the platform Truth Social, could potentially present ethical concerns if Trump retains control of the company while in office, allowing foreign leaders or special interests to influence him. Experts suggest that foreign governments or corporations could buy advertising on Truth Social or purchase shares in the company to sway Trump's favor. Trump's financial interest in his businesses while president violated ethical norms, and critics filed lawsuits claiming violations of the Constitution's anti-corruption clauses, but these were dismissed or declared moot. Presidential control of a media company also raises concerns about unfair competition and potential limitations on press independence.

Elon Musk and Donald Trump are smack talking each other into their own digital echo chambers | TechCrunch

TechCrunch · 2m ago

Elon Musk and Donald Trump are smack talking each other into their own digital echo chambers | TechCrunch

Elon Musk and Donald Trump are engaged in a public spat over social media. Their disagreements have intensified following Musk's criticism of a Trump-endorsed spending bill and Musk's recent step back from political involvement. This conflict has exposed fractures in their political alliance, with both leveraging their platforms—Musk on X and Trump on Truth Social. Musk hinted at supporting political change and challenged Trump on multiple fronts, including government contracts and political influence.

The Trump-Musk feud has been great for X, which jumped up the App Store charts | TechCrunch

TechCrunch · 2m ago

The Trump-Musk feud has been great for X, which jumped up the App Store charts | TechCrunch

A public feud between Elon Musk and Donald Trump has unexpectedly benefited the app X (formerly Twitter), propelling it to the 23rd spot on the U.S. App Store charts, up from an average of 68. Increased user engagement and interest in the feud have contributed to this rise. Trump's social network, Truth Social, also experienced a spike, with its active U.S. mobile app users increasing by over 400%. Both apps hit a 90-day high in active users.

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