Shares of the SPAC associated with Donald Trump, Digital World Acquisition Corp. (DWAC), saw a significant jump as Trump Media and Technology Group (TMTG) unveiled its plans to roll out a TV streaming network. Former President Trump’s new social media company revealed its future intentions on launching the ‘Truth Social’ TV network, intending to rival mainstream outlets.
The proposed TV network is part of a broader plan to set up a Twitter-like social media platform, along with the streaming service. This announcement comes in the light of Trump’s consistent criticism of mainstream media and existing social platforms for what he regards as liberal bias.
Investors reacted positively to the news, causing DWAC shares to surge. This underscores the strong investor interest in Trump’s venture despite potential regulatory and legal challenges that may arise. The exact launch date of the platform and its TV streaming service has not been provided yet. It’s also unclear how it will be funded or monetized, and whether there would be partnerships with other media firms to provide content. There’s a lot of venture potential, but there are also many unknowns at this point.
The plan has garnered a mix of skepticism and anticipation, but the market’s immediate response to the news, at least, suggests enthusiasm about the potential. Once the service’s details and viability become clearer, further market response will provide insight into the long-term prospects of Trump’s media ambitions.
