As shares of Twitter continue to decline, shares of DWAC (Digital World Acquisition Corporation) are soaring.
DWAC is the “inactive” company of the Trump Media & Technology Group (TMTG) on the stock exchange. She seems to benefit greatly from Musk’s debacle with Twitter.
Truth Social gains ground, Twitter in turmoil
DWAC shares rose 20% as Twitter is in turmoil after Elon Musk announced he wanted to walk out of the takeover deal. This is hardly surprising, as TMTG is the parent company of Trump’s social network, Truth Social. The latter is a platform alt techa term that refers to social networks and digital spaces popular with an ultra-conservative and often far-right audience.
The platform was created by Donald Trump after he was banned from Twitter and Facebook in January 2021. The former president wanted it to become a right-wing alternative to Twitter, but it had a rocky start. Its clunky infrastructure lacks features, and Truth Social is less popular than initially expected.
Trump and Musk: stormy reports
When Musk announced plans to buy Twitter, DWAC lost 44% of its stock market value because once the network was bought by the billionaire, users would ‘no longer need’ an alternative to the bird blue.
Musk and Trump also seemed to maintain cordial relations in the past, and the CEO of Tesla had said he wanted to give Trump his Twitter account if he bought the platform. But since then their relationship has deteriorated. Musk suggested that Truth Social should change its name to ” trumpet (in French: Trompette). The former US president, for his part, called Elon Musk ” bullshit artist “. In short, relations for the less stormy were established between the two men.
The fate of Truth Social seems linked to that of Twitter. It remains impossible to predict whether Musk will have to buy out the platform, as Twitter launched legal action against him earlier this week.
Source : WCCFTech
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