Why did Digital World Acquisition stock surge today? TRUTH Social launching in February

Jan. 06, 2022 4:45 PM ETDigital World Acquisition Corp. (DWAC)By: Joshua Fineman, SA News Editor75 Comments

Donald Trump Holds Rally At Iowa State Fairgrounds

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  • SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media platform public, skyrocketed up 20%, after a report that the TRUTH Social app is set to be launched in February.
  • A listing on Apple's app store has an expected start date of Feb. 21 for TRUTH Social.
  • The former president told Fox News last month that his social media company Trump Media & Technology should be up and running in Q1. Trump's media outfit announced in late October that it would be going public through a deal with DWAC and that its social media platform, TRUTH Social, was expected to have a national rollout in Q1.
  • Trump Media & Technology last month announced that Representative Devin Nunes (R-CA) plans to retire and will take the role of chief executive officer of Trump's social media platform this month. DWAC also confirmed a $1B PIPE deal for the social media company.
  • Earlier, Trump deal partner Orlando trying to save another SPAC deal ahead of potential liquidation.

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