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The debut of Donald Trump’s Truth Social took centre stage on Tuesday as the platform’s parent company, Digital World Acquisition, went public, valuing the budding social network at over $9 billion.
Digital World Acquisition, the entity merging with Trump Media & Technology, witnessed a surge in its shares, rallying by over 40% since the start of the year.
Trading under the ticker symbol “DJT,” a nod to Trump’s initials, the merger has propelled the former president into the realm of the world’s 500 wealthiest individuals, securing him a paper fortune exceeding $5 billion.
Despite an initial burst of volatility that briefly halted trading, Trump expressed his enthusiasm for Truth Social on the platform itself, underscoring his stake in the venture. However, Trump’s ability to cash out his holdings hinges on the stock’s sustained performance.
The merger comes against the backdrop of Trump’s political ambitions, as he gears up for the 2024 presidential race against incumbent Joe Biden. Amidst hefty legal expenses, including a substantial civil fraud case, Trump seeks to leverage Truth Social’s success to bolster his financial standing.
While Truth Social faced challenges since its lacklustre launch, Digital World emerged as a meme stock, buoyed by online enthusiasm and retail investor support. Led by former Republican congressman Devin Nunes, now CEO of Trump Media, the company aims to challenge the dominance of big tech platforms in online discourse.
As Truth Social ventures into the public domain, it embarks on a mission to carve out a space for free expression, echoing Trump’s ongoing battle against what he perceives as censorship by major tech companies.