When former U.S. president Donald Trump was kicked out from mainstream social media platforms, he created his own: Social Truth. The platform’s parent company, Trump Media & Technology Group, lost $49 million, with revenues of $3.4 million, in the first nine months of 2023.
Now Truth Social is going public, by merging with the SPAC (special purpose acquisition company or blank-check) company Digital World Acquisition Corp.
Currently, Digital World trades at $36.94. On Friday, March 22, 2024, its stock fell 14 percent on the news of the merge with Truth Social, which is expected to be listed today (Monday) under the new ticker symbol, DJT (Trump’s initials).
Trump, who owns about 60 percent of Truth Social, is expected to value his shares at $3 billion. Some 8,000 Truth Social users and other Trump supporters are set to invest in the platform.
The merged company’s CEO will be former Republican congressman Devin Nunes, among the directors will be Donald Trump Jr., and Linda McMahon, co-founder of World Wrestling Entertainment.
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