Trump-linked SPAC Truth Social soars over 400% on opening day

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More than 260 million shares of DWAC had been traded by midday.

Truth Social beta launch next month

A soft launch of the site for only “invited guests” is scheduled for next month. And the full launch is expected in the first quarter of 2022.

The new app called Truth Social will be soft-launching next month. And its plans include creating a subscription video on demand platform named TMTG+.  The video streaming service will “feature non-woke entertainment programming, news, podcasts, and more.” 

“Trump Media & Technology Group’s mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America,” said the press release.

The press release says that the planned merger values TMTG at an initial $875 million, with the potential of $825 million in additional earnout for a cumulative valuation of $1.7 billion.

Social media platforms, including Twitter and Facebook, banned Trump from using their platforms.  On January 6th Trump’s supporters rioted at Congress. Trump was blamed for the event and Democrats made a 2nd attempt to impeach the former President.