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Trump-linked Digital World’s shares surge after Truth Social app launch -Breaking

by Mike Robinson

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© Reuters. This picture illustration was taken February 21st, 2022. The logo of Truth social networking is shown behind a woman who holds a smartphone. REUTERS/Dado Ruvic/Illustration

(Reuters) – Shares in Digital World Acquisition Corp (the blank-check company that created former President Donald Trump’s social media venture Truth Social), surged almost 30% on Tuesday premarket as the app climbed charts following its launch on Apple’s App Store (NASDAQ:).

Truth Social, which was launched on Sunday by Trump could be seen as his return to social media following his ban. Twitter Inc After an attack on America’s Capitol by his supporters in 2013, (NYSE:), Facebook, and Google (NASDAQ)

Truth Social was Tuesday’s most downloaded app from the App Store.

Digital World’s shares jumped 26% to $106.44 and were on track to open at levels last seen in October, days after Digital World announced a deal to publicly list Trump Media & Technology Group (TMTG), the venture behind Truth Social.

Trump-related stocks advanced as well. Phunware was hired by Trump to create a mobile app. It rose 17.9% SPAC CF Acquisition Corp VI (which is making video platform Rumble Inc publicly available) added 5.4%.

Benessere Capital was up 0.3% as a blank-check company, run by Patrick Orlando (DWAC CEO) and an ex-investment banker.

Digital World was one of the top-traded U.S. stocks prior to the opening bell. It trended high in investor-focused social media platform stocktwits.com, which indicates interest from retail traders.

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