Digital World Acquisition Corp., is the SPAC that is taking former President Trump’s planned social media platform public.
Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) merged. Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval. 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).
The $10 per share stock has gone up over 900% in two days. It closed at $94 Friday. The valuation is currently over $3 billion.
Trump Media & Technology Group (“TMTG”) social network will be called “TRUTH Social.” TRUTH Social is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022. TRUTH Social (www.truthsocial.com) is open for prelaunch sign-ups.
Donald Trump had about 90 million twitter followers before he was suspended. His son Donald Trump junior has 7 million followers.
Twitter had about 206 million users in mid-2021. Twitter has a $50 billion valuation. Twitter makes about $5 billion per year in revenue and about $120 million per year in income.
SOURCES – TMTG, CNBC
Written by Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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