The highly anticipated social media platform, Truth Social, has finally made its debut on the stock market. Owned by former President Donald Trump, the platform aims to provide a space for users to share their thoughts and opinions without fear of censorship or suppression.
After months of speculation and anticipation, Truth Social's parent company, Digital World Acquisition Corp., has closed a deal to go public and will begin trading on Tuesday. This move marks a significant milestone for both the platform and its supporters, who have been eagerly awaiting its launch.
The company behind Donald Trump's social media app Truth Social will start trading on the Nasdaq exchange on Tuesday, potentially delivering a windfall of more than $3 billion to the former president.
Trump Media and Technology Group is set to become a public company after completing a merger with a listed shell company called Digital World Acquisition Corporation (DWAC), which was created to merge with the former president's company.
Macey repeatedly laughed while discussing the story in an interview. He said it would be the equivalent of someone claiming that, to avoid persecution in New York, they were going to avoid shopping at Macy’s in New York but instead would shop at the Bloomingdale’s store next door in New York. He said: “Like, what?”
“I hope somebody advising President Trump informs him that the same investor protection rules that safeguard investors of the New York Stock Exchange also safeguard investors on the Nasdaq Stock Market,” Macey said.
The case relates to a $130,000 payment from former Trump fixer Michael Cohen to porn star Stormy Daniels, who said she had an affair with Trump, to allegedly buy her silence during the 2016 presidential campaign. The DA alleges Trump falsified business records to obscure the money used to repay Cohen for those payments.
Seated behind prosecutors in the courtroom was the top prosecutor who brought the case against Trump, District Attorney Alvin Bragg.
Trump Media brought in less than $3.5 million in revenue in the first nine months of 2023, while posting a $49 million net loss in the same period.
MSNBC’s Stephanie Ruhle on Friday described Trump’s media company as a meme stock largely dependent on one man.
Bloomberg said its estimate of Trump’s net worth was based on ethics disclosures required for presidential candidates, public filings tied to key real estate holdings and staff reporting.
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