London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Investors go crazy for Trump social network

Donald Trump’s announcement of his own social media network after being kicked off Twitter and Facebook has sparked a frenzy from investors eager to get on board.

The former US president announced on Wednesday he planned to launch “TRUTH Social”, which will be owned by Trump Media and Technology Group (TMTG), in a bid to reclaim his internet dominance after being barred from virtually all social media in the wake of the January 6 Capitol riot.

The move was met with exuberant endorsement from investors, with shares in a shell company backing the plan closing up more 350 per cent on Thursday, Reuters reported.

TMTG will merge with Miami-based Digital World Acquisition Corp to create the social media app, which is slated for a beta launch next month and full roll-out in the first quarter of 2022.

Shares in Digital World closed up a staggering 356.8 per cent at $US45.50 a share, with its market capitalisation rising to $US1.47 billion, up from $US321 million on Wednesday.

It was the most actively traded stock on the Nasdaq with a volume of more than 477 million shares.

“I have never seen anything like this, such share reaction based on hopes and dreams,” former investment banker Kristi Marvin told investors on a Twitter Spaces discussion, Reuters reported.

The app is slated to launch in beta next month.


Longbow Asset Management co-founder Jake Dollarhide said the massive rise reflected support for Mr Trump and the expectation his platform would draw followers.

“Up to this point there hasn’t been a publicly traded vehicle for those that support the former president,” he said.

Mr Trump’s move is likely to further strengthen speculation that he is gearing up for another presidential run in 2024.

TRUTH Social’s beta launch will be for “invited guests”. It is already available for pre-order in Apple’s App Store, the group said in a statement.

TMTG also intends to launch a subscription video on-demand service that will feature “non-woke” entertainment programming and will be led by Scott St. John, an executive producer from America’s Got Talent, the statement said.

For years, Mr Trump, who wielded Twitter in particular as a rhetorical weapon during his presidency, has battled tech giants that he argues have wrongfully censored him.

“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Mr Trump was quoted as saying in the statement.

“We live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President has been silenced. This is unacceptable.”

US Congressional investigators are examining the January 6 riot, when Trump supporters entered the Capitol nine months ago during the final certification of President Joe Biden’s election victory.

The investigative committee has charged that Mr Trump was “personally involved” in organising the unrest.

Donald Trump has teased another presidential run.


Free-speech battles


The free-speech fight escalated when the world’s dominant social media platforms banned Mr Trump as punishment for stirring up the mob.

Facebook banned Mr Trump indefinitely on January 7, later narrowing the ban to two years.

Twitter quickly followed, permanently suspending Mr Trump’s account -- which had more than 88 million followers at the time -- due to the “risk of further incitement of violence”.

Ever since, Mr Trump has been looking for ways to reclaim his internet megaphone, launching several lawsuits against the tech giants.

In May, he launched a blog called “From the Desk of Donald J. Trump”, which was touted as a major new outlet -- but he pulled it from the internet just a month later.

Former Trump aide Jason Miller launched a social network called Gettr earlier this year, but the former president has not yet joined it.

Shortly after TRUTH Social was announced, Miller congratulated Trump on “re-entering the social media fray”.

“Now Facebook and Twitter will lose even more market share,” he said in a statement tweeted by Gettr.

The TMTG statement said the group would merge with Digital World Acquisition Corp, known as a special purpose acquisition vehicle (SPAC), to make it a publicly listed company, with the transaction giving TMGT an initial enterprise value of $US875 million.

“Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value,” DWAC chief Patrick Orlando said in the statement.

Mr Trump, meanwhile, has been holding public events, including campaign-style rallies, as he seeks to remain the nation’s most influential Republican.

He has teased a potential 2024 presidential run but has made no announcement on his political future.

Originally published as Investors go crazy for Trump social network

Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×