Donald Trump To Launch New Social Media Platform

It is also unclear who is actually building the network.

An investor presentation created by TMTG does not disclose any companies working on the TRUTH Social platform, nor does it list any executives involved in the social media site. 

The media relations officer for the company, Roma Daravi, has not tweeted about TMTG and Truth Social since October. Daravi did not respond to an inquiry from CNBC. 

DWAC stock had been trading at around $10 before the deal was disclosed. 

Between Oct. 21 and 23, more than 500 million shares of DWAC were traded, and the company was one of the most discussed companies on retail traders' discussion boards.

Owning shares of DWAC also became an emblem of political support for Trump. Several of the former president's most outspoken backers in Congress bought shares in the company.

But the frenzy of speculation quickly died out.

Within a week, the stock price began to fall, and has been on a steady decline ever since.

While Wednesday's close of $44.35 was more than four times the pre-deal trading price, people who bought DWAC shares at the height of the hype and held on to the stock would have seen most of their investment's value evaporate.

If Truth Social actually launches as promised, the network would provide a platform for Trump, who was banned from Facebook and Twitter following his incitement of the deadly Jan. 6 storming of the U.S. Capitol. 

Without the ability to communicate directly with his followers online, Trump has been forced to rely on press releases and appearances on friendly cable news channels.

Twitter is not the only media platform Trump and his allies are trying to replicate on their own in order to promote the former president.

Trump's son Donald Trump Jr. and a partner also recently formed a publishing company, Winning Team Press, and published a coffee table book of photos from Trump's years in office. 

Update: This story was updated to include the closing price of DWAC shares Wednesday.

Source : https://www.cnbc.com/2021/12/01/trump-spac-social-media-company-appears-to-miss-first-deadline.html

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Trump SPAC social media company appears to miss its first product deadline

Source:CNBC

Trump SPAC social media company appears to miss its first product deadline

Trumps Truth Social missed its projected November deadline to launch the official beta version of its app

Source:Yahoo

Trumps Truth Social missed its projected November deadline to launch the official beta version of its app

Exclusive: Trumps social media venture seeks $1 billion raise - sources

Source:Reuters

Exclusive: Trumps social media venture seeks $1 billion raise - sources

Trump Media Company Reportedly Seeks To Raise $1 Billion After Whiffing On Target Date To Launch Website

Source:Forbes

Trump Media Company Reportedly Seeks To Raise $1 Billion After Whiffing On Target Date To Launch Website

What we know so far about Trumps planned social media platform

Source:WGBH

What we know so far about Trumps planned social media platform

The RNC Is Raising Funds Off Trump’s New Social-Media Platform

Source:Forbes

The RNC Is Raising Funds Off Trump’s New Social-Media Platform

A Republican congressman who blamed Trump for inciting an insurrection just invested thousands in his new social media company

Source:Business Insider

A Republican congressman who blamed Trump for inciting an insurrection just invested thousands in his new social media company