Love him or hate him, it’s tough to ignore the impact of Donald Trump on stocks.
At the moment, shares of Digital World Acquisition (DWAC) are up 282% — with volume up to 348 million (compared to daily average volume of 130.513).
All on news of a potential merger that could launch Donald Trump’s social media platform, “TRUTH Social” which will reportedly “stand up to the tyranny of Big Tech.”
Trump added, “We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” as quoted by the Associated Press.
“This is unacceptable.”
In a press release Trump Media & Technology Group, said it and DWAC “have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval,” as quoted by CNBC.
Plus, if you take a look at the TMTG slideshow, found here, some of the top competitors could include Twitter, Facebook, even Amazon Web Services, Azure, Stripe, and Google Cloud. Other potential competitors include Netflix, Disney, and iHeart Media, with Trump’s plans to also launch TMTG+, an on-demand streaming service.
The slideshow also points out Trump had 146.5 million social media followers at one point.
That includes 89 million Twitter follows, 24 million, and 24.5 million Instagram followers.
From here, it’ll be interesting to hear and see the reaction of voters, the press, and those in Congress. Stay tuned for more. This could get hot.