Trump-tied SPAC roars back as Truth Social tops app store | Social Media News

Shares of Digital World Acquisition jumped 24% Wednesday as downloads of Trump’s social community jumped virtually tenfold.

By Bloomberg

Former President Donald Trump’s social community is again on high of Apple’s App Retailer, fueling a rebound within the blank-check agency bringing its dad or mum firm public.

Shares of Digital World Acquisition Corp. leaped 24% Wednesday as hundreds extra customers gained entry to Fact Social’s full performance and downloads jumped virtually tenfold. The special-purpose acquisition firm, which is merging with Trump Media & Know-how Group, had slumped 60% within the earlier two months or so.

Wednesday’s rally began in premarket hours, following a tweet by Elon Musk, who’s buying competitor Twitter Inc., by which he mentioned that Fact Social handed each Twitter and TikTok on the Apple App Retailer in a single day. Downloads leaped to greater than 55,000 on Tuesday from lower than 6,000 the week earlier than, in line with Apptopia estimates shared with Bloomberg Information. Fact Social’s day by day lively customers additionally jumped to 365,000 on Tuesday, a 20% improve from the week prior.

Nonetheless, Digital World shares trimmed good points to 10% after Musk tweeted that Fact Social “exists as a result of Twitter censored free speech.” Whereas shares stay down greater than 50% from a March closing excessive, Digital World is up 380% from a September debut and stays one of many best-performing SPACs.

Devin Nunes, chief government officer of Trump Media & Know-how Group, posted on Fact Social concerning the app’s rise to the highest of Apple’s App Retailer, saying “TRUTH is changing into the house for a few of the finest expertise on the inter webs!”

Representatives for Trump Media & Know-how Group and Digital World didn’t instantly reply to Bloomberg Information emails requesting a remark.

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Rising Competitors

Digital World has been battered in latest weeks by considerations surrounding Musk’s deliberate buy of Twitter for $44 billion, concern over its merger with Trump Media, and as key Fact Social executives resigned. Final week, hedge fund Kerrisdale Capital Administration additionally launched a brief report speculating {that a} regulatory crackdown would influence its deal.

Particulars surrounding the previous president’s media enterprise have been scarce and the rollout of Fact Social was suffering from snags and delays. The purpose of Trump Media & Know-how group is to rival “the liberal media consortium and combat again in opposition to the ‘Large Tech’ firms of Silicon Valley,” in line with an October assertion.

Whereas the inventory has beforehand enticed retail buyers, it wasn’t trending on in style chatrooms like Reddit’s WallStreetBets and Stocktwits Wednesday. Particular person buyers have snapped up simply $3.78 million over the previous two months in contrast with the greater than $220 million they purchased within the eight days after the deal was introduced in October, Vanda information present.

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