February 22 (Reuters) – Digital World Acquisition Corp shares (DWAC.O)The blank verification company behind former US President Donald Trump’s new social media initiative Truth Social rose nearly 14% on Tuesday, topping the app downloads in the Apple App Store since it was launched late Sunday.
Truth Social has been downloaded 170,000 times since its inception, according to research firm Optopia. read more
The release of this processor will mark Trump’s return to social media after being banned from Twitter Inc. (TWTR.N)Facebook (FB.O) And Google (GOOGL.O) Following the attack by his supporters on the US capital last year. read more
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Digital World shares rose 14% to $ 96.36, the last level seen in October, just days after the blank check company announced a deal to publicly list the Trump Media & Technology Group (TMTG), the venture behind Truth Social.
The stock trend on stocktwits.com, an investor-centric social media site, was high, indicating the interest of retailers.
Dennis Dick, head of market structure at Pride Trading LLC, a Las Vegas-based trading company, said: “It’s driven by exaggeration, but I doubt retail motivation can continue.
This picture taken on February 21, 2022 shows the real social networking logo on the back of a woman holding a smartphone. REUTERS / Dado Ruvic / Illustration
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“From a basic point of view, it’s too soon to say. Trump has a huge following, and they can go from traditional social media to this site … but it depends on how good the application is.”
New users had trouble registering for the free app or were put on a waiting list marked “massive demand” as soon as it was released. It is unclear whether the issues were resolved by Tuesday.
Trump did not immediately respond to Reuters’ request for comment from the Media & Technology Group and the Digital World.
Wall Street top financial regulators are investigating whether Trump’s $ 1.25 billion deal floated TMTG in the stock market. read more
Other stocks associated with Trump also advanced. Funware (PHUN.O)Hired to build the phone processor by Trump’s 2020 presidential re-election campaign, it has risen 11%. SPAC CF Acquisition Corp VI (CFVI.O)The video platform generally takes Rumble Inc, with 3.3% added.
Twitter Inc (TWTR.N) Facebook-parent Meta Platforms, meanwhile, fell 1.7% (FB.O) Reduced by 1%.
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Mehta Singh Report in Bangalore; Editing by Sawmiyathep Chakrabarty
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