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TRUTH SPAC to Invest in Trump’s Social Media Site TRUTH Plays GameStop; Shares Up 300%+; Market Cap $1.5 Billion; Site Live then Hacked Yesterday

Towleroad October 22, 2021 Leave a Comment

=Buck Slip

What's That About Capitalism Inspiring Innovation?

“TRUTH SPAC” sound like a legitimate business concern?
A questionable Wall Street financial creation will now go to funding the slow coup for a criminal authoritarian. Or this may pay off his balloon debt. Followers are investing donations now. He doesn't even have to draft the letters. The Reddit boys are hyping it for him.
Meanwhile the “TRUTH” site launched yesterday. It was immediately hacked.
You're a sucker if you don't buy shares, a Cheney supporter evenBut if you're not buying shares you're clearly a Cheney supporter even. Afterall, Cheney actually worked to get us into a war he profited from.
If the worst thing about “communism” is that it will demotivate innovators, not only is it not true that innovation only happens for cash but in fact, inheritance, access, privilege, capricious government handouts creating barriers to innovation are the real initiative killers. But how are you today? — editor note

 
Published by
Reuters
 

By Medha Singh and Sinéad Carew

(Reuters) – Shares of the blank-check acquisition company that plans to publicly list former U.S. President Donald Trump's new social media venture soared again on Friday, with trading halted multiple times due to volatility.

Digital World Acquisition stock was last up 138.5% at $108.52 after earlier hitting a high of $175.

The special purpose acquisition company (SPAC) Digital World had soared more than 300% on Thursday, giving it a market capitalization of almost $1.5 billion on news it would merge with Trump's media company to create a social media app called TRUTH Social.

Its recent trading was reminiscent of the meme stock frenzy earlier this year, when an army of retail investors coordinated on online forums to drive shares of GameStop Corp, AMC Entertainment Holdings and other stocks.

“This feels like a meme stock. This looks like AMC and GameStop all over again,” said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.

Data from brokerage Fidelity showed Digital World was the most traded stock on its platform on Thursday. It was also the most discussed stock on trading-focused social media site Stocktwits, a platform commonly seen as a measure of interest from retail investors. Message volumes on Stocktwits related to the SPAC were up more than 9,000%.

“No matter your politics this stock will rip … I'll start my pick up at a meager 100 shares and then add to my position on dips,” a Reddit user wrote.

Social media giants suspended Trump's accounts after his supporters rioted at the U.S. Capitol on Jan. 6. In a press release announcing the deal, Trump said, “I'm excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech.”

With almost 500 million shares changing hands on Thursday, Digital World topped GameStop trading volume of 197 million at the peak of the meme stock frenzy in January.

The stock had already traded more than 77 million shares by noon on Friday, surpassing the free float of 22.8 million shares, based on Refinitiv data.

“There's a tremendous amount of Trump supporters in the country who are going to just clamor to get some exposure to Donald Trump in whatever way they can,” said Eric Diton, managing director of investment advisory firm The Wealth Alliance.

The shares of at least one other company linked to the former president also saw eye-watering gains Phunware Inc, a software company hired by Trump's 2020 Presidential reelection campaign to build a phone app, saw its share price rise as much as 1,471% on Friday. It last traded up around 616% at around $10.99.

Hedge funds that invested in Digital World are set to make five times their investment, regulatory filings showed, while Patrick Orlando, who backs the SPAC, is likely to see a $420 million windfall from the surge in shares.

But not all were buyers. Hedge fund manager Boaz Weinstein said that he sold his firm Saba Capital Management's holdings in Digital World Acquisition Corp. early Thursday as news emerged that it was merging with Trump's new media venture.

“I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done,” Weinstein said in a statement. “Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call,” the statement continued.

(Reporting by Medha Singh, Sruthi Shankar and Devik Jain in Bengaluru; Editing by Shounak Dasgupta and Philippa Fletcher)

TRUTH SPAC on Towleroad

Topics: Aaon, Entertainment, Featured, Law/Justice, Media, Social Media More Posts About: "TRUTH", Donald Trump, Social Networks

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