<![CDATA[The stock price of Trump's social media company has increased by over 1,657%]]>

<![CDATA[The stock price of Trump's social media company has increased by over 1,657%]]> https://usagag.com/2021/10/23/the-stock-price-of-trumps-social-media-company-has-increased-by-over-1657/ Sat, 23 Oct 2021 16:03:00 +0000 hourly 1 https://usagag.com The stock price of Trump's social media company has increased by over 1,657% Trump stated Wednesday that his firm, DWAC, a special purpose acquisition company (SPAC) registered on the NASDAQ exchange, will merge with Trump Media and Technology Group to develop a new social media, news, and entertainment platform. SPACs are a sort of corporation that is used to buy private companies and secure investor backing without the companies going public.

The stock jumped more than 350% on Thursday and more than 1,600% on Friday morning, reaching a high of over $175 before settling back down to around $90 by Friday afternoon.

WASHINGTON, DC – JULY 19: U.S. President Donald Trump walks out of the White House before departing July 19, 2019 in Washington, DC. Trump is traveling to New Jersey to host a fundraising dinner and spend the weekend at his Trump National Golf Club in Bedminster. (Photo by Chip Somodevilla/Getty Images)

The new social media platform, TRUTH Social, is envisioned by Trump as a way “to stand up to the tyranny of Big Tech,” according to an announcement.

“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” Trump said. “This is unacceptable.”

The company had “at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion,” according to the announcement.

]]>