Shares linked to former U.S. President Donald Trump’s new “Truth Social” network were the top sellers on the New York Stock Exchange yesterday, soaring over 1,220% of their face value.
The shares are traded through Digital World Acquisition Corp. (DWAC), to which Trump Media & Technology Group will be merged. Record sales topped 55,000 buy orders during the first two days, according to Bloomberg Oct. 22.
By midday yesterday, more than 470 million DWAC shares had already been sold through investment platform Fidelity, tripling the demand for Tesla shares, the second-most sold by that entity.
The base price for DWAC shares was $12.73 and reached $104, up more than 817 percent, as of 1:14 p.m. ET. At the close of trading on October 21, its market capitalization was $1.47 billion, up from $321 million the previous day, Reuters noted.
“The venture may provide the first real test of the power of right-wing social media with the full force of Trump’s support,” author Rachel Mummey wrote.
The new venture also integrates other media outlets in addition to the social network.
In this regard, the co-founder of Longbow Asset Management in Tulsa, Oklahoma, Jake Dollarhide, noted, “Up to this point there hasn’t been a publicly traded vehicle for those that support the former president.”
For practical purposes, a beta version of the “guest” site is scheduled to launch in November, with a full launch expected in the first quarter of 2022. It is available now in the Apple Store for pre-order.
“I created Truth social and TMTG to stand up to the tyranny of big tech. We live in a world where the Taliban have a huge presence on Twitter, yet your favorite American president has been silenced. This is unacceptable,” Trump wrote in the statement.
He added: “I am excited to send out my first Truth in Social Truth very soon. TMTG was founded with a mission to give everyone a voice. I’m excited to soon start sharing my thoughts on Truth Social and fighting back against Big Tech. Everyone asks me why no one is standing up to Big Tech. Well, we will soon!”.
Trump’s accounts were blocked even while he was president, which again opened the debate about Big Tech’s power over free speech.
Although almost throughout his entire administration, the former president constantly denounced Twitter, Facebook, and YouTube for selectively censoring conservative figures and voices that dissent with the mainstream media.
On the other hand, Trump remains one of the most popular and influential people in American politics, and the latest polls show he could beat Biden in the 2024 presidential race.