Former President Donald Trump’s media company, Trump Media & Technology Group, has finalized a deal to go public, a move that has doubled Trump’s net worth to $6.5 billion. The merger between Trump Media and Digital World Acquisition Corp. has created a multi-billion dollar windfall for Trump, making him one of the world’s wealthiest people and boosting the stock value of Digital World by 39% to around $51 per share.
The newly merged company, under the leadership of CEO Devin Nunes, aims to reclaim the internet from Big Tech censors and provide a platform for free expression. Despite the surge in stock value and Trump’s newfound billionaire status, experts caution that the market may be overvaluing Trump Media considering the company’s limited revenue and high net loss. Additionally, Truth Social, the social media platform owned by Trump Media, has seen a significant decline in its user base, raising concerns about its long-term viability in the competitive social media landscape.
The frenzy surrounding the DWAC stock and the merger with Trump Media has drawn comparisons to other meme stocks like GameStop and AMC Entertainment. With thousands of users active in chat groups discussing the merger and sharing memes, the future of Trump Media and its flagship platform, Truth Social, remains uncertain amidst the excitement and speculation in the market.
