By Medha Singh

(Reuters) -Another U.S. President Donald Trump plans to launch a social media platform after he leaves office. Twitter Inc (NYSE: Facebook Inc Investors who supported the cause by sending shares to a shell company supporting him were supportive of his removal from their platforms.

Trump Media and Technology Group and Digital World Acquisition Corp, a Special Purpose Acquisition Vehicle, said on Wednesday https://www.reuters.com/world/us/former-us-president-donald-trump-launches-new-social-media-platform-2021-10-21 they would merge to create a new social media app called TRUTH Social. Trump’s firm said that it will launch the app in beta next month. The full roll-out is expected to begin during the first quarter 2020.

The Nasdaq saw shares of Miami’s Digital World rise 140% to $23.53. Digital World is an SPAC that uses money from an initial public offering (IPO) to make a private company publicly.

Sources close to Trump have stated that Trump had hoped to create his own social networking company since his departure from the White House. According to these sources, the former Republican President is contemplating a second run for office in 2024. However, Trump has not been able establish a direct connection with his millions upon reaching out through Facebook or Twitter.

Trump was suspended by social media companies after his incendiary speech on Jan. 6 repeated his false claim that the 2020 election had stolen from him via widespread fraud.

Twitter found that Trump posts violated its “glorification of violence” https://blog.twitter.com/en_us/topics/company/2020/suspension policy. Facebook found that Trump praised violence https://about.fb.com/news/2021/06/facebook-response-to-oversight-board-recommendations-trump in connection with the deadly Jan. 6 attack in which rioters sought to block the formal congressional certification of his election loss to President Joe Biden.

Trump stated in a release Wednesday announcing the acquisition, that he was “excited to soon begin sharing his thoughts on TRUTH Social” and fight against Big Tech.

Trump Media claimed it would get $293 Million in cash, Digital World Acquisition’s trust money, if there are no shareholders of the acquisition company who wish to cash their shares.

The rising share price could boost the chances of investors backing the deal, including some hedge funds that were founded by Democratic-leaning people.

The future looks uncertain. There were none of the usual trappings that Wall Street expects from SPAC mergers: detailed financial projections and earnings estimates, as well as the naming of a leadership team.

Digital World Acquisition is led by Patrick Orlando (ex-investment banker), and has already launched four SPACs. It plans to launch another two, but no deal has been signed.

Orlando has not yet responded to inquiries for comment.

This is the second social media site aimed at Trump supporters to be launched since Trump left office in January.

GETTR, a Twitter-style platform started by former Trump adviser Jason Miller, claimed more than 1.5 million users in its first 11 days after being launched https://www.reuters.com/world/us/former-trump-aide-miller-launches-social-media-site-gettr-2021-07-01 in July. Miller could not convince Trump to sign up despite the endorsements of other Trump allies like Steve Bannon.

Trump has remained in the public eye through appearances on conservative media channels, occasional rallies and an active email list.

These emails are often in bold and color type and ask for donations. They also sell doormats ($62), and critique the Biden administration.

OpenSecrets has found that Trump’s post-presidency politically action committee Save America has raised more than $60 Million for the 2022 elections cycle.