President Donald Trump’s impending arrest has caused the shares of Digital World Acquisition Corp., the company seeking to acquire Truth Social’s parent company TMTG, to soar 11% on Monday. Investors believe that Trump’s arrest could have a positive impact on the ex-POTUS’ struggling social media platform.
After more than a year of being in existence, Trump just recently hit the 5 million follower mark on Truth Social. And the popularity of the platform might soon be questioned as Trump is now reinstated on Facebook, Twitter, and YouTube. However, he is yet to tweet.
According to Bloomberg, TMTG laid off some staffers, including its CTO. Although DWAC originally planned to acquire TMTG last year, they had to secure shareholder extensions due to ongoing government investigations.
Last May, DWAC said in a regulatory filing that TMTG “will have sufficient funds to meet its liabilities as they fall due for the 12-month period ending April 30, 2023” thanks to its $15.36 million in new bridge financing.
TMTG spokesperson Shannon Devine said, “By failing to see that our forecast was a standard 12-month projection up to April 2023, Axios reporters are either pretending to be illiterate or demonstrating their actual illiteracy.”
Trump claimed on Saturday that he will be arrested on Tuesday and issued a call for his supporters to protest. “IT’S TIME!!!” he wrote. “WE JUST CAN’T ALLOW THIS ANYMORE. THEY’RE KILLING OUR NATION AS WE SIT BACK & WATCH. WE MUST SAVE AMERICA!PROTEST, PROTEST, PROTEST!!!”
Donald Trump may soon become the first sitting or former president in American history to be charged with a crime. Following the news of his impending arrest, Trump organized a full-fledged rally in Waco, Texas on Saturday, March 25.
