Shares of Digital World Acquisition Corp, the blank-check business behind former US President Donald
Trump’s new social media venture, Truth Social, rose over 30% in premarket trade on Tuesday as the
app climbed the charts following its release on Apple’s App Store.
Truth Social was created on Sunday, presumably signalling Trump’s return to social media after being
barred from Twitter Inc, Facebook, and Google following an attack on the United States Capitol by his
followers last year.
On Tuesday, Truth Social was the most popular free app on the App Store.
Digital World’s shares rose 26% to $106.44, on course to open at levels last seen in October, just
days after Digital World announced a deal to publicly list Trump Media & Technology Group (TMTG),
the company behind Truth Social.
Other Trump-related stocks rose as well. Phunware, which was hired by Trump’s 2020 Presidential re-
election campaign to create a phone app, increased 17.9%. SPAC CF Acquisition Corp VI, the company
that is bringing video platform Rumble Inc public, increased by 5.4 percent.
Benessere Capital, a shell company owned by DWAC CEO and former investment banker Patrick
Orlando, increased by 0.3 percent.
Before the opening bell, Digital World was among the most actively traded U.S. stocks, and it trended
high on the investor-focused social media site, showing interest from regular traders.