Under the leadership of Devin Nunes, the former California congressman, Trump Media launched Truth Social in 2021.
Positioned as a Twitter alternative, Truth Social prides itself on fostering an open and unbiased global dialogue, regardless of political affiliations.
According to the SEC filing in the 90 days ended Sept. 30, 2023, Trump Media brought in $1.1 million of revenue. This is a big leap compared with $203,000 in the same period of the previous year.
Reports indicate that this move could potentially yield a windfall of around $300 million, with Trump poised to emerge as the majority shareholder.
Positioned as a Twitter alternative, Truth Social prides itself on fostering an open and unbiased global dialogue, regardless of political affiliations.
The path to public offering received a significant boost as Truth Social secured regulatory approval from the U.S. Securities and Exchange Commission (SEC) to merge with Digital World Acquisition Corp (DWAC), a blank check company.
SEC Green Light
With the SEC’s green light, DWAC is set to proceed with its registration statement and announce a shareholder vote date imminently. This development has spurred a nearly 15% surge in DWAC’s shares, translating to a market capitalization of approximately $1.86 billion.
