What happened
President Trump is planning to return to social media in a big way, but not through the platforms offered by Big Tech. Because they summarily banned him from their sites following the 2020 elections, he is making an end run around them by launching his own platform and will be merging the Trump Media & Technology Group with special purpose acquisition company (SPAC) Digital World Acquisition (NASDAQ:DWAC) to create a publicly traded business.
What caught many by surprise was Trump Media’s announcement to kick off December that it intended to raise $1 billion by selling shares to hedge funds and other private investors in a PIPE, or private investment in public equity, deal.
It gave the company a valuation twice what was suggested by the merger announcement with Digital World, which ended December with a gain of 24.3%, according to data provided by S&P Global Market Intelligence, and has continued running higher in January after announcing the Truth Social network app would launch on Feb. 21.
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