$DWAC in the news
Shares of the SPAC $DWAC surged 357% to $35.54 following the announcement of a merger that will pave the way for President Donald Trump’s social media site.
It was a sad day for Snap and Intel – Intel plunged 8.7% AH. Snap drowned 23% after falling short on revenue estimates this evening. ?? More on this below.
SPACs
Trump’s New Company SPACs To Market
Trump’s New Company SPACs To Market Featured Image
Just when you thought you’d seen it all this year. ?? Donald Trump’s new media company, Trump Media & Technology Group, is merging with Digital World Acquisition Corp. $DWAC skyrocketed over 350% today on news of the merger.
Prior to the merger announcement, $DWAC shares traded around $10/share. Last night, the SPAC announced its plans to merge with TMTG. The stock exploded to $45 today, up over 356%. Trading was halted several times due to volatility — yeah, that’s like a GameStop-level price explosion. ?? ??
Digital World Acquisition Corp announced that it will be taking Trump Media & Technology Group public today at a $1.7 billion valuation. The SPAC’s sponsors commented this on the deal:
“The transaction values Trump Media & Technology Group 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 depending on the performance of the stock price post-business combination. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 Million (assuming no redemptions).”
After a dramatic day in the markets, Trump Media & Technology now sits at an estimated $2.2 billion valuation. The company intends to challenge popular social media platforms and streaming services like Twitter, Amazon, Netflix, and Disney+. The new platform will be called Truth Social.
Everyone knows Former President Donald Trump has been banned on popular social media sites, including Twitter and Facebook. So this is certainly a story we’ll be watching.
